Performance and payment bonds furnished by any contractor to the city shall comply with the requirements of RCW Chapter 39.08. In addition, the city may require the furnishing by the contractor of a maintenance bond in the sum of at least twenty percent of the total contract price with a corporate surety approved by the city, before final payment is made to the contractor, the bond to guarantee the repair of all damage due to faulty materials and equipment and workmanship provided or done by the contractor for the city, and to remain in effect for a period of one year after date of final acceptance of the project by the city.