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<br /> 78 <br /> SBWMA Contractor Selection Process Executive summaJ:Page 19 <br /> - U i 1 -, ~ "- . T 1 M ~ "'- <br /> &m~rym~F~d~C~~mmM~OOM <br /> ... A letter of credit (new) <br /> ... Certificate of deposit payable to the SBWMA or member agency <br /> with interest accruing to the benefit of the contractor <new) <br /> - The amount of the contractor's performance surety shall be as follows: <br /> ... Each member agency shall determine the amount of the surety for <br /> future collection agreements (unchanged) <br /> ... The SBWMA shall require a $2 million surety for the future <br /> Shoreway operating agreement (unchanged) <br /> ... For the future off-site recyclable materials and organic materials <br /> processing agreements, the SBWMA shall require a surety equal <br /> to one twelfth of the contractor's first-year annual compensation <br /> (new) <br /> - Contractor's failure to comply with performance surety requirements shall <br /> be an event of default, which can lead to termination of the agreement <br /> (unchanged) <br /> . Termination RiQhts. The future contracts shall include rights for the SBWMA or <br /> member agencies to terminate the agreement for cause in the event of: <br /> - Default <br /> - Endangerment of public health, safety, or welfare <br /> - Felonious conduct or misdemeanors related to the performance of the <br /> contract <br /> - Damage or destruction of facilities <br /> - Assignment without consent <br /> . Defaults and Remedies <br /> - Default shall include. at a minimum, the following events: <br /> ... Failure to maintain insurance coverage as required by the <br /> agreement and failure to comply with performance surety <br /> requirements <br /> oft Failure to provide assurance of performance <br /> ... Failure to pay member agency/SBWMA or provide reports or <br /> records to member agency/SBWMA <br /> oft Failure to perform collection, processing, and/or transfer service for <br /> two or more consecutive days, for any reason within the control of <br /> Contractor <br /> Hilton Famkopf& Hobson, LLe ES-12 <br /> - <br />