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installed in each Public Right-of-Way by means of an identification method <br />mutually agreed upon by City and BFC. Such identification shall be detectable <br />from ground level without opening the street. <br /> <br /> 10. Performance Bond. Prior to the issuance of an Encroachment <br />Permit, BFC shall provide City with a performance bond naming City as obligee in <br />the amount equal to one hundred pement (100%) of the value of the work to be <br />performed by or on behalf of BFC within and affecting the Public Right-of-Way to <br />guarantee and assure the faithful performance of BFC's obligations under this <br />Agreement. City shall have the right to draw against the surety bond in the event <br />of a default by BFC or in the event that BFC fails to meet and fully perform any of <br />its obligations; provided that BFC is first given written notice of any intent to draw <br />against the bond and an opportunity to cure. Following completion of the work by <br />BFC and its inspection and acceptance by the Director, the performance bond <br />shall remain in effect to the extent of ten percent (10%) of the value of the work to <br />guarantee and assure that faithful performance of BFC's obligations under the <br />Agreement for a period of one (1) year from the City's acceptance of the work. <br />City shall have the right to draw against the bond in the event of a default by BFC <br />or in the event that BFC fails to meet and fully perform any of its obligations, The <br />form of the performance bond shall be furnished and approved by the City. <br /> <br /> 11. Damaqe to Facilities in Public Riqht-of-Wa¥ or on Private <br /> Property. <br /> <br /> Agmt-052 <br /> G~ hated~shat~l~Redwood~Council <br /> <br />05/06/97R 1 6 <br /> <br /> <br />