R99-120 AUTHORIZING AGREEMENT - Laserfiche WebLink

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� . - required, or a combination of primary policies for lesser limits and remaining limits provided by the umbrella policy. 11.3 Contractor shall include the City of Decatur as an additional named insured on both General Liability and Automotive Liability insurance policies._ The insurance coverage shall be written with insurance companies acceptable to the City. All insurance premiums shall be paid by the Contractor without cost to the City. The Contractor shall furnish the City a Certificate of Insurance attesting to the respective insurance coverage for the full contract term. A contract will not be signed with the successful Contractor until proof of coverage and additional named insured has been received and reviewed for acceptability by the City's Risk Manager. 11.4 The City shall receive written notice of cancellation of reduction in covera e of an g Y insurance policy thirry(30) days prior to the effective date of cancellation or reduction. The Contractor will be responsible for obtaining new insurance coverage in this event. 11.5 In the event of accidents of any kind which involve the general public and/or private/public properry, Contractor shall immediately notify the Recycling Coordinator and shall provide a full accounting of all details of the accident. Contractor shall furnish the City with copies of all reports the Contractor has generated of such accidents. 11.6 Contractor shall execute and deliver to the City, before signing a contract, a performance and payment bond(s) for a principal sum not less than ten percent (10%) of the first year's billings based upon the average number of dwellings to be served. Said bond shall be executed by and with a surety company authorized to do business in Illinois and that is acceptable to the City and shall be subject to approval as to form and content by the Corporation Counsel's Office. Said bond shall secure the faithful performance of this agreement by Contractor and conditioned on the Contractor well and truly performing and carrying out this agreement in strict accord with the terms and provisions hereof. This agreement shall not become effective until and unless such bond is executed and delivered to the City. 11.7 Failure to furnish the required bond in time for contract signature may be cause for award of the contract and/or negotiations with another Contractor, at the discretion of the City. Subsequently, if the bond is canceled or the surety therein released of liability for failure to pay any premium or for any other reason, and such cancellation or release is continued for a period of ten(10) days, the contract may be canceled. Performance bonds will be forfeited to the City of Decatur should the successful Contractor fail to comply with the terms and conditions established. 11.8 Performance bond will be reduced pro rata during the term of this agreement. 12