Common use of Faithful Performance Bond Clause in Contracts

Faithful Performance Bond. a) Upon the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor with good and sufficient surety approved by the Grantor, in the penal sum of Ten Thousand Dollars, or the deposit of $10,000 in a restricted account satisfactory to the Grantor, conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise. b) Grantee shall pay all premiums charged for any bond required under Section 8.2(a) and unless the Grantor specifically directs otherwise, shall keep the same in full force and effect at all times through the later of either: i. The remaining term of this Franchise; or ii. If required by the Grantor, the removal of all of Grantee's Cable System installed in the Grantor's Streets and Public Ways. c) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty days written notice first being given to the Grantor. The bond shall be subject to the approval of the City Attorney as to its adequacy under the requirements of Section 8.2. During the term of the bond, Grantee shall file with the Grantor a duplicate copy of the bond along with written evidence of payment of the required premiums unless the bond otherwise provides that the bond shall not expire or be terminated without thirty days prior written notice to the Grantor. d) In a form approved by the Grantor, the Grantee may provide an irrevocable letter of credit, guaranty in lieu of bond, or other form of financial assurance in lieu of a faithful performance bond. The alternative form of financial assurance shall give the Grantor substantially the same rights and guarantees provided by a faithful performance bond. e) The Grantor may at any time during the term of the Franchise reduce or eliminate the bond requirements.

Faithful Performance Bond. a‌ (A) Upon the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor City with good and sufficient surety approved by the GrantorCity, in the penal sum of Ten Five Hundred Thousand Dollars, or the deposit of Dollars ($10,000 in a restricted account satisfactory to the Grantor500,000.00), conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise. b(B) Grantee shall pay all premiums charged for any bond required under Section 8.2(a) 14.3, and unless the Grantor City Council specifically directs otherwise, shall keep the same in full force and effect at all times through the later of either: i. (1) The remaining term of this Franchise; or ii. (2) If required by the GrantorCity, the removal of all of Grantee's Cable System system installed in the GrantorCity's Streets and Public WaysStreets. c(C) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty 30 days written notice first being given to the GrantorCity Auditor. The bond shall be subject to the approval of the City Attorney as to its adequacy under the requirements of this Section 8.214.3. During the term of the bond, Grantee shall file with the Grantor City Auditor a duplicate copy of the bond along with written evidence of payment of the required premiums unless the bond otherwise provides that the bond shall not expire or be terminated without thirty 30 days prior written notice to the GrantorCity. d(D) In a form approved by Subject to the GrantorCity's prior approval, the Grantee may provide an irrevocable letter of credit, guaranty in lieu of bond, credit or other form of financial assurance in lieu of a faithful performance bond. The alternative form of financial assurance shall give the Grantor City substantially the same rights and guarantees provided by a faithful performance bond. e(E) The Grantor may at any time during the term In lieu of the Franchise reduce or eliminate performance bond required under Section 14.3, the Grantee may elect to provide to the City a fully executed Guarantee in Lieu of Bond of Comcast Communications, Inc., in the form provided in Exhibit E to this Franchise. In the event of such election, the duly executed Guarantee in Lieu of Bond shall be filed by the Grantee within thirty (30) days. Any performance bond requirementsrequired under Section 14.3(A) shall remain in effect until replaced by such Guarantee in Lieu of Bond.

Faithful Performance Bond. a(A) Upon the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor City with good and sufficient surety approved by the GrantorCity, in the penal sum of Ten Five Hundred Thousand Dollars, or the deposit of Dollars ($10,000 in a restricted account satisfactory to the Grantor500,000.00), conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise. b(B) Grantee shall pay all premiums charged for any bond required under Section 8.2(a) 14.3, and unless the Grantor City Council specifically directs otherwise, shall keep the same in full force and effect at all times through the later of either: i. (1) The remaining term of this Franchise; or ii. (2) If required by the GrantorCity, the removal of all of Grantee's Cable System system installed in the GrantorCity's Streets and Public WaysStreets. c(C) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty 30 days written notice first being given to the GrantorCity Auditor. The bond shall be subject to the approval of the City Attorney as to its adequacy under the requirements of this Section 8.214.3. During the term of the bond, Grantee shall file with the Grantor City Auditor a duplicate copy of the bond along with written evidence of payment of the required premiums unless the bond otherwise provides that the bond shall not expire or be terminated without thirty 30 days prior written notice to the GrantorCity. d(D) In a form approved by Subject to the GrantorCity's prior approval, the Grantee may provide an irrevocable letter of credit, guaranty in lieu of bond, credit or other form of financial assurance in lieu of a faithful performance bond. The alternative form of financial assurance shall give the Grantor City substantially the same rights and guarantees provided by a faithful performance bond. e(E) The Grantor may at any time during the term In lieu of the Franchise reduce or eliminate performance bond required under Section 14.3, the Grantee may elect to provide to the City a fully executed Guarantee in Lieu of Bond of Comcast Communications, Inc., in the form provided in Exhibit E to this Franchise. In the event of such election, the duly executed Guarantee in Lieu of Bond shall be filed by the Grantee within thirty (30) days. Any performance bond requirementsrequired under Section 14.3(A) shall remain in effect until replaced by such Guarantee in Lieu of Bond.