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services rendered by Inspector in connection with the inspection of the work of improvement. All <br /> payments of invoices shall be done upon receipt and shall bear interest at the rate of 10% per <br /> annum on any unpaid balance commencing thirty (30) days after the date of the invoice. <br /> <br /> (e) Notwithstanding any statement to the contrary in this Agreement, this Encroachment <br /> Agreement shall not include the residential areas of Redwood Shores. <br /> <br /> 10. Performance Bond. Prior to the issuance of a Construction Improvement <br />Permit, QWEST or its contractor shall provide City with a performance bond naming City as <br />obligee in the amount equal to one hundred percent (100%) of the value of the work to be <br />performed under each phase of each Construction Improvement Permit by or on behalf of <br />QWEST or its contractor within and affecting the PUblic Right-of-Way to guarantee and assure <br />the faithful performance of QWEST or its contractor's obligations under this Agreement. City <br />shall have the right to draw against the performance bond in the event of a default by QWEST or <br />its contractor or in the event that QWEST or its contractor fails to meet and fully perform any of <br />its obligations; provided that QWEST or its contractor is first given written notice of any intent to <br />draw against the bond and an opportunity to cure. Following completion of the work by QWEST <br />or its contractor and its inspection and acceptance by the Director, the performance bond shall <br />remain in effect to the extent of ten percent (10%) of the value of the work performed under each <br />Construction Improvement Permit to guarantee and assure that faithful performance of QWEST' <br />obligations under this Agreement for a period of one (1) year from the City's acceptance of the <br />work performed under each Construction Improvement Permit. City shall have the right to draw <br />against the bond in the event of a default by QWEST or its contractor or in the event that <br />QWEST or its contractor fails to meet and fully perform any of its obligations. The form of the <br />performance bond shall be furnished and approved by the City. <br /> <br /> 11. Dama,qe to Facilities in Public Ri.qht-of-Way or on Private Property. <br /> <br /> (a) QWEST shall be responsible for any damage to City street pavements, existing <br />utilities, curbs, gutters, sidewalks or to any private property or improvements to the extent <br /> <br />Agmt-433 12 <br />F:/Shared/Redwood/Council <br />FXS:djk <br />01/04/01 <br /> <br /> <br />