The applicant for license or permit hereunder shall file a bond by a surety, authorized to do business in the state in the sum of ten thousand dollars ($10,000.00) conditioned that the applicant shall and will carry out and perform all the duties imposed upon him or her by the provisions of this act and that such applicant will indemnify and save harmless the city from all liability for any injury to persons or property which the principal, his or her agent, servant or employee may cause by reason of engaging in the business of merchant police service. The bond shall be approved as to form by the city attorney's office. (Prior code § 6-1015)