ORD 05-002 - Laserfiche WebLink

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. . . SECTION 6. INDEMNIFICATION, INSURANCE, BONDS AND SECURITY FUND Section 6.1 Indemnification. By acceptance of thIs Franchise, the Grantee agrees to indemnify, defend, and hold the City harmlejS in accordance with the Cable Ordinance. I Section 6.2 'nsurance. At the time of acce tance of this Franchise, the Grantee will file with the City a Certificate of lnsura ce in accordance with the Cable Ordinance. The Grantee must maintain such nsurance for the entire term of this Franchise. Section 6.3 erformance Bond. a. The G antee must furnish to the Commission, for the benefit of the City, a performance bond in the amount of Fifty Thousand Dollars ($50,000.00) in a form and subst nce reasonably acceptable to the Commission, which bond may also be used omply with parallel bonding requirements imposed by the other members of the Sherburne-Wright Counties Cable Communications Commission. At th time of acceptance of this Franchise, the Grantee will file with the Commissio an evidence of receipt of such bond. The Grantee must maintain the bond ntil this Franchise expires or is terminated, and the Grantee has liquidated all of ts obligations with the City. b. The b nd shall be conditioned upon Grantee's faithful performance in accordance with the terms of this Franchise, the Cable Ordinance, and applicable laws an regulations. The bond must provide that in the event the Grantee fails to co ply with any law, ordinance or regulation, any damages or loss suffered by .he City as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of the Grantee, plus a reasonable allowance for attorneys' fees and costs, up to the full amount of the security, will be recoverable jointly and severally from the principal and surety of the bond, and further guaranteeing payment by the Grantee of claims, liens and taxes due the City which arise. In the event this Franchise is revoked or the rights hereunder relinquished or abandoned by Grantee, the City is entitled to collect any resultant damages, costs or liabilities incurred by the City. c. The City and Grantee acknowledge that it may be difficult or impossible to accurately quantify actual damages or losses suffered by the City due to a violation or unsatisfied obligation under this Franchise, the Cable Ordinance, or applicable laws or regulations. Such violations or unsatisfied obligations may, however, be presumed to harm the City and the public's interest. Accordingly, the City may, in its reasonable discretion, collect liquidated RJV -257202v 1 SH255-1 8 . ~- C' ~ (J:r !::J\