Laserfiche WebLink
Section 14. Performance Bond <br /> <br /> a) Within thirty (50) days after the award of this franchise, the Com- <br />pany shall file with the City a Performance Bond in the amount of One Hundred <br />Thousand Dollars ($100,000) in favor of the City. This bond shall be main- <br />tained throughout the construction period and until such time as determined by <br />City Council. <br /> <br /> b) In the event the Company fails to comply with any law, ordinance or <br />regulation governing the franchise, or fa~ls to well and truly observe, fulfill <br />and perform each term and condition of the franchise, including the Company's <br />proposal which is incorporated herein by reference, there shall be recoverable, <br />Jointly and severally, from the principal amd surety of the bond, any damages <br /> <br />or loss suffered by the City as a result, including the full amount of any <br />compensation, indemnification, or cost of removal or abandonment of any <br />property of the Company, plus a reasonable allowance for attorney's fees, <br /> <br />including the City's legal staff, and costs, up to the full amount of the bond. <br />This section shall be an additional remedy for any and all violations outlined <br />in Section 13. <br /> <br /> c) The City shall, upon completion of construction of the service area <br />as approved by the City Council, declare the obligation under such bond to be <br />no longer necessary. However, the C~ty may require the full performance bond <br />or One Hundred Thousand Dollars ($100,000) to be posted by the Company for any <br /> <br />construction subsequently to the completion of the service area, upon such <br />terms as determined by the City Council. <br /> d) The bond shall contain the following endorsement: <br /> <br /> "It is hereby understood and agreed that this bond may <br /> not be cancelled by the surety nor the intention not to <br /> renew be stated by the surety until thirty (30) days <br /> after receipt by the City, by registered mail, of a <br /> written notice of such intent to cancel or not to renew." <br /> <br />Section 15. Liabilfty and Insurance <br /> <br /> a) The Company shall maintain and by its acceptance of the franchise <br />specifically agrees that it will maintain throughout the term of the franchise, <br />insurance insnring the City and the Company in the minimum amount of: <br /> <br /> 1. Workers Compensation: In such coverage as may be re- <br /> quired by the workers compensation insurance and safety laws <br /> of the State of Missouri and amendments thereto. <br /> <br />13 <br /> <br /> <br />