Performance Surety. 10.8.1 Franchisee shall provide to County within ten (10) days after execution of this Agreement, a cash or surety bond in an amount at least equal to the yearly average of two months gross revenue provided by a Surety Company with a Best rating of "A" or better and licensed to do business in the State of California, conditioned upon the full faithful performance of all covenants and conditions of this Agreement and any extensions or amendments thereto and Chapter 8.12 of the San Xxxx Obispo County Code. Said surety bond must be approved by County prior to performance of any work under this Agreement. A certificate of deposit or an irrevocable letter of credit for the required amount from a bank acceptable to County may be provided in lieu of said surety bond.
Appears in 4 contracts
Samples: Solid Waste Collection Franchise Agreement, Solid Waste Collection Franchise Agreement, Solid Waste Collection Franchise Agreement
