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Sectlo~ll-1221 ~.'Multi?Te~rm Contracts. Un±ess otherwise:provided by law, a contract for>goods, " se~-ices or insurance may be entered into for any period of time not ~o exceed five (5) years deemed to be in-the best. interest of the City provided the term of the.contract and conditions of renewal or extention,-if any, are included in the solicitation and fnnds are available for the first ~' ' p .... od at the time of contracting. Payment ahd perfo~?~qce oblig~tionsfor succeeding fiscal periods shall be snbja~t to the'availability and appropriation of fimds therefor~ When funds'~are not appropriated or otherwise made availab!~ to-s~pp0rt~continnation of performance in a subsequent fiscal period, the contract shall be cancelled. . l Section ii-!23.' Contract Modification. '~. ~ A contraeu may mnclude provlsmon for m .... ' the Contract during performance, but no fixed price contract may be inereased by ~ore than twenty-five percent (25%) of the amonnt or'the co~ract or Ten Thousand Dollars ($10,O00.), whichever is ~ ~ithouf body. ~i~. Section 11-124. advance approval of the governing lletainage on Construction Contracts. In ~ny contract for construction wtlich provides 'for progress ...payments in: i~s~allmentS based upon an estimated percentage of ' ~0mpletion~~ 'the contractor shall be' paid at' 1.east nlnet~-fi~e. . percent t95-~) o-.t~e earned s~ w~_en paym~nu is due, wroth : mo~e uhan ~ ~kve. percent {bo) being reua~n_d to ass_~ fa~hruI k[~' ~performane~ 0f ~he Con~ract~ All amounts withheld may b? in- >.k ~luded i~ ~,h~l'final pa~enh. Any~subcont_acn for a public projecS'_ which p~o~id_s-~or similar progress payments shall be s~ject %o the s~e limitations .... ~ h .... · Section !t-125J/~Pe~'formance end Payment Bonds. Upon the award of any public construction]( ~c% exceeding ~enty-Five Thousand ($25,000.) Dollars awarded to any prime con- tractor~ such contractor shall furnish %o the City~ the following . 1. A perfo~ance bond in the s~of ~he 'contrad% amount -~n-~-n~ uoOa -che faithful per~o~ance o~ t%e contract in specifications and conditions strict confo~ity with the plans, of the contract.