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insurance coverage for the full contract term. A contract will not be signed with the <br /> successful Contractor until proof of coverage and additional named insured has been <br /> received and reviewed for acceptability by the City's Risk Manager. <br /> 11.4 The City shall receive written notice of cancellation or reduction in coverage of <br /> any insurance policy thirty(30) days prior to the effective date of cancellation or <br /> reduction. The Contractor will be responsible for obtaining new insurance coverage in <br /> this event. <br /> 11.5 In the event of accidents of any kind which involve the general public and/or <br /> private/public property, Contractor shall immediately notify the Recycling Coordinator <br /> and shall provide a full accounting of all details of the accident. Contractor shall <br /> furnish the City with copies of all reports the Contractor has generated of such <br /> accidents. <br /> 11.6 Contractor shall execute and deliver to the City, before signing a contract, a <br /> performance and payment bond(s) for a principal sum not less than ten percent (10%) <br />' of the first year's billings based upon the average number of dwellings to be served. <br /> Said bond shall be executed by and with a surety company authorized to do business in <br /> Illinois and that is acceptable to the City and shall be subject to approval as to form and <br /> content by the Corporation Counsel's Office. Said bond shall secure the faithful <br /> performance of this agreement by Contractor and conditioned on the Contractor well I <br /> and truly performing and carrying out this agreement in strict accord with the terms and <br /> provisions hereof. This agreement shall not become effective until and unless such <br /> bond is executed and delivered to the City. � <br /> 11.7 Failure to furnish the required bond in time for contract signature may be cause 'I <br /> for award of the contract and/or negotiations with another Contractor, at the discretion <br /> of the City. Subsequently, if the bond is canceled or the surety therein released of ' <br /> liability for failure to pay any premium or for any other reason, and such cancellation , <br /> or release is continued for a period of ten(10) days, the contract may be canceled. <br /> Performance bonds will be forfeited to the City of Decatur should the successful ' <br /> Contractor fail to comply with the terms and conditions established. <br /> 11.8 Performance bond will be reduced pro rata during the term of this agreement. <br /> XII. DEFAULT, REMEDIES, TERMINATION <br /> 12.1 If Contractor fails to observe the established service requirements or schedule of <br /> service for more than two (2) consecutive working days, the City shall reserve the right <br /> to determine if there has been sufficient cause to justify such lack of observance. If, in <br /> the City's judgment, sufficient cause has not been demonstrated, then the City shall <br /> serve notice either personally or by affixing such notice to the premises of the servicing <br /> location of the Contractor stating that the agreement and a contract shall be deemed <br /> default. If any default is not cured or remedied by Contractor within ten(10) days after <br /> written notice of the default is given to Contractor, the City may exercise any one or <br /> more of the remedies available to it provided by this agreement or at law or in equity or <br /> 12 <br />