Forfeiture of Performance Bond. In the event Contractor shall for any reason become unable to, or fail in any way to, perform as required by this Agreement, City may declare a portion or all of the performance bond, which is necessary to recompense and make whole City, forfeited to City. In the event Contractor fails to renew the performance bond at least thirty (30) days prior to its expiration, and fails to notify City of same within that same period, City may declare the performance bond forfeited to City. Upon partial or full forfeiture of the performance bond, Contractor shall restore the performance bond to its face amount within thirty (30) days of City’s declaration. Failure to restore the performance bond to its full amount within thirty (30) days shall be a material breach of contract.
Forfeiture of Performance Bond. In the event Contractor shall for any reason become unable to, or fail in any way to, perform as required by this Agreement, City may declare a portion, or all, of the performance bond to be forfeited to City. The amount to be forfeited shall be the amount that is necessary to recompense and make whole the City. Upon partial or full forfeiture of the performance bond, Contractor shall restore the performance bond to its face amount within thirty (30) days of the City's declaration. Failure to restore the performance bond to its full amount within thirty (30) days shall be a material breach of this Agreement. In the event the City draws on the bonds, all of City's costs of collection and enforcement of the provisions relating to the bonds called for by this Section, including reasonable attorneys' fees and costs, shall be paid by Contractor. Any decision or order of City under this Section 14.7 may be appealed by Contractor through the dispute resolution procedures provided by Section 17 of this Agreement.
