...he will execute a bond, with such sureties as shall be approved by said Water Board, conditioned to well and truly keep and perform all the terms and conditions of this contract on his part to be kept and performed, and to indemnify and save harmless the said City...

...agreement. The bond contained the following condition : "Now, therefore, the condition of the foregoing obligation is such that If the said principal shall well and truly Indemnify and save harmless the said obligee from any pecuniary loss resulting from the breach of any...