2021 Ordinances - Laserfiche WebLink

Home Browse Search

(g) Segra shall, prior to commencing construction pursuant to this Agreement or within ninety (90) days after the granting of the franchise contemplated by this Agreement, whichever is sooner, Segra shall furnish the City a certificates of insurance, showing the type, amount, effective dates and date of expiration of the policies, and thereafter prior to the expiration of any such policy or change in the amount or conditions, of coverage. Such certificate or certificates and evidence of insurance shall include the City, its officers, agents, and employees as additional insureds. Segra shall obtain a written obligation on the part of each insurance company to notify Segra at least thirty (30) days before cancellation or a material change of any such insurance. Upon receipt of such notice from Segra's insurance company, Segra will immediately notify the City of Portsmouth on any of the required coverages that are not replaced. Section 8. Surety. (a) Segra shall provide, or cause to be provided, a bond, in a form and by a surety authorized to do business in the Commonwealth of Virginia, in the amount of Seventy -Five Thousand Dollars ($75,000) securing its faithful performance of the terms and conditions of this Agreement ( "Performance Bond "). Segra shall maintain such Performance Bond for the duration of this Franchise Agreement, unless otherwise agreed to in writing by the City. (b) The Performance Bond shall guarantee Segra's faithful performance of the terms and conditions of this Agreement, including, but not limited to: (1) the timely completion of construction; (2) compliance with applicable plans, permits, technical codes and standards; (3) proper location of the facilities as specified by the City; (4) restoration of the public way sand other property affected by the construction as required by this Agreement; (5) the submission of "as- built" drawings after completion of the work as required by this Agreement; (6) timely payment and satisfaction of all claims, demands or liens for labor, material, or services provided in connection with the work; and (7) the payment by Segra of all lawful liens, taxes, damages, claims, costs or expenses by Segra under this Agreement and all other payments due to the City from Segra pursuant to this Agreement. (c) Whenever the City determines that Segra has violated one (1) or more terms, conditions or provisions of this Agreement for which relief is available against the Performance Bond, a written notice shall be given to Segra. The written notice shall describe in reasonable detail the violation so as to afford Segra an opportunity to remedy the violation. Segra shall have twenty (20) days subsequent to receipt of the notice in which to correct the violation before the City may make demand upon the Performance Bond. -16-