The successful bidder shall be required to enter into a contract with the board of drainage commissioners and to execute a bond for the faithful performance of such contract, with sufficient sureties, in favor of the board of drainage commissioners for the use and benefit of the levee or drainage district in an amount equal to twenty-five per cent of the estimated cost of the work awarded to him and any person furnishing labor or material to such contractor or subcontractor or furnishing board or lodging to the employees of such contractor or subcontractor in the construction of such work and failing to receive compensation therefor shall have a right of action on such bond for the amount found due him.