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<br />. <br /> <br />. <br /> <br />. <br /> <br />days from the execution of the Agreement, and yearly thereafter, at least <br />thirty (30) days prior to the date of the expiration of said policies of <br />insurance for each year of the Agreement. All of the foregoing policies <br />shall be issued by an insurance company or companies licensed to do <br />business in the State of Minnesota and authorized to assume the risks <br />covered thereby. Memorandum policies and receipts for the payment of <br />premiums shall be filed with the City showing payment of premiums for at <br />least one year in advance and on each renewal date provided therein. <br /> <br />5. <br /> <br />Performance Bond. <br /> <br />(a) <br /> <br />Bond. The Contractor shall execute and deliver to the City a <br />performance bond in the sum of $1 00,000 conditioned upon the <br />faithful performance of the Agreement. In addition, to further <br />protect the City in the event the Contractor fails to properly <br />perform under the Agreement, the Contractor shall pledge to the <br />City all receivables collected by the City and not paid to the <br />Contractor, and all receivables not yet collected by the City. This <br />Agreement shall not become effective until such bond has been <br />delivered to the City in form acceptable to the City Attorney and <br />has been accepted by the City. Such bond shall be filed with the <br />City Clerk within ten (10) days from the execution of this <br />Agreement and shall remain in effect until the expiration of this <br />Agreement. <br /> <br />(b) Performance Guarantee. In lieu of providing a performance bond <br />or bonds with the City of Elk River, the Contractor shall guarantee <br />performance of this Agreement by delaying the billing of services <br />to the City until the 15th day of the month following the month in <br />which collection services were rendered by the Contractor. The <br />City may withhold payment from the Contractor for failure to <br />perform pursuant to this Agreement. <br /> <br />(c) Remedy. In the event the Contractor fails to properly perform <br />under this Agreement, the City may take whatever action is <br />necessary to secure substitute garbage and refuse collection for the <br />remainder of the Agreement term, and may use the proceeds of the <br />bond and/or receivables mentioned above to pay for the difference <br />between the rates provided by the Agreement and the actual cost of <br />such substitute service subject to Section IV.E.1 O.(a). <br /> <br />6. <br /> <br />Indemnification. <br /> <br />The Contractor agrees to indemnify and hold harmless the City, its agents, <br />officers, and employees from any and all claims, causes of action, <br /> <br />-13- <br />