R94-118 AUTHORIZING AGREEMENT - WASTE RECYCLING, INC.

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. , . , , ' 1 , ` ,` , � ,� � insured to the extent of covered losses or claims resulting from the negligence or willful misconduct of the Contractor or its agents, representatives or employees, and state that the Contractor's coverage shall , be the rim covera e in the event of a loss and otherwise be on terms and conditions includin the P �Y g g amount of any deductibles and any exclusions, acceptable to the City. Further, the certificate of , insurance shall provide for 30 days written notice to the City before cancellation, expiration, or change of coverage. In the event of accidents of any kind which involve the general public and or private or public property, the 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. 12.2. Contractor shall execute and deliver to the City prior to beginning operations hereunder from the date hereof a performance and payment bond or bonds for a principal sum not less than the first year's billings based upon the average number of dwellings to be served and for a term not less than the term of this agreement, and executed by a corporate surety company authorized to do business in Illinois, to 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. Such bond otherwise shall be on terms and conditions acceptable to the City. This agreement shall not become effective until and unless such bond is executed and delivered to the City. This agreement may be canceled by the City if said bond is canceled or the surety therein released of liability for failure to pay any premium or for any other reason or cause and such cancellation or release is continued for a period of ten days . Said bond may be reduced pro rata during the term of this agreement, at the discretion of the City.