The bond should be passed as a by-law. A by-law requires a Special Resolution at a General Meeting, and also requires Registration BEFORE it can be enforceable.
If the OC has not yet voted to amend the by-law regarding the Bond then I would encourage you to try and dissuade as many people as possible from signing it.
An upfront fee of $10K sounds very excessive to me.
I agree with JT, if a by-law regarding the bond has already been correctly Passed and has been correctly Registered and you believe that it is excessive then you have the option to take this matter to NCAT based on “reasonableness”.
Incidentally, I live in Qld where monetary liabilities e.g. bonds are unlawful. The signing of a Letter of Indemnity to cover damage to common property suffices in Qld. If anything goes ‘pear shaped’ regarding damage to the common property or mess during a renovation then the body corp can pursue this through the Tribunal, or can undertake the work itself and then recover the cost from the relevant person.