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Last modified
8/19/2024 9:44:48 AM
Creation date
10/28/2021 4:12:07 PM
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Contracts
Company Name
REPUBLIC SERVICES
Contract #
A-2021-171
Agency
Public Works
Council Approval Date
8/17/2021
Expiration Date
6/30/2032
Insurance Exp Date
6/30/2025
Destruction Year
2037
Notes
For Insurance Exp. Date see Notice of Compliance
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furnish an irrevocable letter of credit in the amount of three -million dollars ($3,000,000) <br />in lieu of the separate letter of credit of $500,000 and separate performance bond of <br />$2,500,000 described in Section 9.5. <br />9.7 Forfeiture of Performance Bond <br />In the event Contractor shall for any reason become unable to, or fail in any way to, <br />perform as required by this Agreement, City may declare a portion or all of the <br />performance bond which is necessary to recompense and make whole the City, forfeited <br />to the City. Upon partial or full forfeiture of the performance bond, Contractor shall <br />restore the performance bond to its face amount within 30 days of the City's <br />declaration. Failure to restore the performance bond to its full amount within 30 days <br />shall be a material breach of the Agreement. <br />9.8 Forfeiture of Letter of Credit <br />Thirty (30) days following City providing Contractor with written notice of its failure to <br />pay City any amount owing under this Agreement, City may draw upon the LOC for <br />purposes including, but not limited to: <br />a. Payment of sums due under the terms of this Agreement which Contractor has <br />failed to timely pay to City <br />b. Reimbursement of costs borne by City to correct violations of this Agreement not <br />corrected by Contractor, including but not limited to the liquidated damages <br />described in Section 11.4. <br />City may draw upon the entire LOC and convert it to a cash deposit if Contractor fails <br />to cause the LOC to be extended or replaced with another satisfactory letter of credit no <br />later than 60 days prior to its expiration during the term hereof. <br />9.9 Performance Security Beyond Service Term <br />Some Agreement requirements extend beyond the Term of this Agreement and will not <br />be substantiated until after the final service date. Therefore, the Contractor shall not <br />terminate the performance bond or letter of credit, and will renew them to ensure <br />continuous availability to the City, until receiving a written release from the City. City <br />will provide such a release when City, in its reasonable judgment, is fully satisfied that <br />all requirements have been met, but may not withhold such a release later than four (4) <br />August 17, 2021 144 City of Santa Ana <br />
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