Agmt99 Nextlink California - Laserfiche WebLink

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presented by City to NEXTLINK for services rendered by Inspector in connection with the inspection of the work of improvement. All payments of invoices shall be done upon receipt and shall bear interest at the rate of 10% per annum on any unpaid balance commencing thirty (30) days after the date of the invoice. 10. Performance Bond. Prior to the issuance of an Encroachment Permit, NEXTLINK or its contractor shall provide City with a performance bond naming City as obligee in the amount equal to one hundred percent (100%) of the value of the work to be performed under each phase of each Encroachment Permit by or on behalf of NEXTLINK or its contractor within and affecting the Public Right-of-Way to guarantee and assure the faithful performance of NEXTLlNK's or its contractor's obligations under this Agreement. City shall have the right to draw against the surety bond in the event of a default by NEXTLINK or its contractor or in the event that NEXTLINK or its contractor fails to meet and fully perform any of its obligations; provided that NEXTLINK or its contractor is first given written notice of any intent to draw against the bond and an opportunity to cure. Following completion of the work by NEXTLINK or its contractor and its inspection and acceptance by the Director, the performance bond shall remain in effect to the extent of ten percent (10%) of the value of the work performed under each Encroachment Permit to guarantee and assure that faithful performance of NEXTLlNK's obligations under this Agreement for a period of one (1) year from the City's acceptance of the work performed under each Encroachment Permit. City shall have the right to draw against the bond in the event of a default by Sh/rwc/councillagmt Agmt-26 1 FXS/fs 05/11/99 16 - _.--~..