RES 221299 - Laserfiche WebLink

City of Pleasanton Article 9. Indemnity, Insurance, Bond Franchise Agreement with Pleasanton Garbage Service City of Pleasanton Page 113 June 7, 2022 against the Contractor or any Subcontractor on account of any occurrence related to this 4073 Agreement, the Contractor shall promptly report the facts in writing to the insurance carrier and to 4074 the City. 4075 C. If Contractor fails to procure and maintain any insurance required by this Agreement, the City may 4076 take out and maintain, at the Contractor's expense, such insurance as it may deem proper and 4077 deduct the cost thereof from any monies due to the Contractor. 4078 D. The Commercial General and Automobile Liability insurance required by Sections 9.5.2 and 9.5.4.A 4079 shall be written on an "occurrence", rather than a "claims made" basis, if such coverage is 4080 obtainable. If it is not obtainable, Contractor must arrange for a thirty-six (36) month "tail coverage" 4081 to protect the City from claims filed after the expiration or termination of this Agreement relating 4082 to incidents which occurred prior to such expiration or termination. 4083 9.6 Performance Bond 4084 Within five (5) Business Days of the City’s notification to Contractor that the City has executed this 4085 Agreement, Contractor shall file with the City a bond, payable to the City, securing the Contractor's 4086 performance of its obligations under this Agreement and such bond shall be renewed annually, if 4087 necessary, so that the performance bond is maintained at all times during the Term. The City will accept 4088 an annual performance bond; however, neither non-renewal (or cancellation, if applicable) by the surety, 4089 nor failure or inability of Contractor to file a replacement bond in the event the surety exercises its right 4090 to not renew the bond, shall itself constitute a loss to the City recoverable under the bond or any extension 4091 thereof. If any conflict or inconsistency exists between the surety's obligations or undertakings as 4092 described in the bond and this Agreement, then the terms of the bond shall prevail. The principal sum of 4093 the bond shall be One Million Dollars ($1,000,000) unless the Agreement is assigned in which case the 4094 principal sum of the bond may be increased by the City to Seven Million Dollars ($7,000,000) and 4095 thereafter the principal sum of the bond may be adjusted every three (3) years, commencing with Rate 4096 Period Three, to equal three (3) months of the annual Gross Rate Revenues. The bond shall be executed 4097 as surety by a corporation authorized to issue surety bonds in the State of California, that has a rating of 4098 A-XII or better in the most recent edition of Best’s Key Rating Guide, and that has a record of service and 4099 financial condition satisfactory to the City. The bond shall be in the form attached as Exhibit K. 4100