R91-107 AUTHORIZING AGREEMENT - WASTE RECYCLING, INC.

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12.2. C;ontractor shall execute and deliver to the Cit� prior to be�inninn� operations hereunder from the date hereof a performance and payment bond or bonds for a principal sun not less than the first year's billinos based upon the estimated ntunber of dwellings to be served and for a terrn not less than the term of this agreement, and executed by a corporate surety canpany authorized to do business in Illinois, to secure the faiti�ful performance of this agreement by Contractor and conditioned on the Contractor well and truly performing and carryino out this a�re�nent 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 becane effective until and unless such bond is executed and delivered to the (;ity. This agreement cnay be cancelled by the Cit� if said bond is cancelled or the surety therein released of liability for failure to pay any premiiun or for any other reason or cause and such cancellation or release is continued for a �eriod of ten days. 12.3. Contractor shall provide worker's compensation insurance coverin� all employees of Contractor engaged in the performance of this a�reement, in accordance with the I1linois �Vorkers Ccxripensation Law. Proof of such insurance wi11 be provided by Contractor on request of the City. SEGTIQN XIII 1llEFAULT; RIIVIE.DI E5�'i'E1dlVIINAT IC1�1 13.1. Failure by Contractor to perform any obligation or duty of (;ontractor under this agreanent or to cornply with any provision of this agreelnent to be cor�lied with by Contractor shall be a default under this agreement. If any default is not cured or remedied by Contractor within ten days after written notice of the default is �iven to tt�e C:ontractor the City may exercise any one or more of the remedies available to it provided by this � �