The amount of the bond required for each bonded area shall depend on the reclamation requirements of the approved permit and shall be determined by the commission on the basis of two estimates, one of which may be submitted by the permit applicant and the other prepared by the commission provided that only the commission's estimate need be submitted if applicant waives his right to submit an estimate. The amount of the bond shall be determined by the commission and shall be sufficient to assure the completion of the reclamation plan if the work had to be performed by a third party in the event of forfeiture.