Common use of Alternative Security Clause in Contracts

Alternative Security. City may, in its sole discretion, allow Contractor to provide alternative security in the amount set forth in Section 10.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to City and approved by the City Attorney and City’s Administrative Services Director and issued by a financial institution acceptable to City, or (b) a certificate of deposit in the name of the City with a term satisfactory to City and with a financial institution acceptable to City.

Alternative Security. City may, in its sole discretion, allow Contractor to provide alternative security in the amount set forth in Section 10.038.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to City and approved by the City Attorney and City’s Administrative Services Director and issued by a financial institution acceptable to City, or (b) a DocuSign Envelope ID: 6FD11721-50DF-48AF-BED6-5C2CC660E873 certificate of deposit in the name of the City with a term satisfactory to City and with a financial institution acceptable to City.