R91-107 AUTHORIZING AGREEMENT - WASTE RECYCLING, INC.

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12.2. C:ontractor shall execute and deliver to the City prior to beginninng operations hereunder fram the date hereof a perforrnance and payment bond or bonds for a principal sun not less than the first year's billings based upon the es t imated n�nber of dwe 11 i ngs to be served and f or a terrn not less than the term of this agreanent, and executed by a corporate surety car�pany authorized to do business in Illinois, to secure the faithful performance of this agreanent by Contractor and conditioned on the Contractor well and truly performing and carrying out this agreanent 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 City. This agre�nent rnay be cancelled by the Cit� if said bond is cancelled or the surety therein released of liability for failure to pay any praniun or for any other reason or cause and such cancellation or release is continued for a period of ten days. 12.3. Contractor shall provide worker's carr�pensation insurance covering all �nployees of Contractor engaged in the performance of this agreement, in accordance with the Illinois Workers Car�ensation Law. Proof of such insurance will be provided by Contractor on request of the City. SEG�'ICN XIII DEFAULT RDV�DI ES�'TF.R(VIINATICi�T 13.1. Failure by Contractor to perform any obligation or duty of Contractor under this agreernent or to cornply with any provision of this agreelnent to be cat�lied witl� by C;ontractor shall be a default under this agreernent. I f any defaul t i s not cured or rernedied by Contractor wi thin ten days after written notice of the default is given to ttie Contractor the City may exercise any one or more of the remedies available to it provided by tt�is � b