Laserfiche WebLink
B. Conditions. The performance bond shall be issued by a surety licensed <br />to do business in North Carolina and shall provide the following conditions: <br /> <br />There shall be recoverable by the County jointly and severally from the <br />principal and surety, any and all fines and liquidated damages due to the <br />County and any and all damages, losses, costs, and expenses suffered or <br />incurred by the County resulting from the failure of the Grantee to: <br />faithfully comply with the provisions of this Ordinance and the <br />Franchise; comply with all orders, permits and directives of any County <br />agency or body having jurisdiction over its acts or defaults; pay fees due <br />to the County; or, pay any claims, liens or taxes due the County which <br />arise by reason of the construction, operation, maintenance or repair of <br />the cable system. Such losses, costs and expenses shall include but not <br />be limited to attorney's fees and other associated expenses. <br /> <br />(2) <br /> <br />The total amount of the bond shall be forfeited in favor of the County in <br />the event: <br /> <br />(a) <br /> <br />The Grantee abandons the cable system or fails to initiate or <br />complete construction of the cable system as specified at any time <br />during the term of the Franchise or any extension thereto; or <br /> <br />(b) <br /> <br />The Grantee assigns the Franchise without the express written <br />consent of the County, when such consent is required under this <br />Ordinance or Federal law or regulation. <br /> <br />(c) <br /> <br />The Franchise is terminated by reason of the default of the <br />Grantee. <br /> <br /> C. Reduction of Bond. Upon written application by the Grantee, the <br />County may, at its sole option, permit the amount of the bond to be reduced or waive <br />the requirements for a performance bond subject to the conditions set forth below. <br />Reductions granted or denied upon application by the Grantee shall be without <br />prejudice to the Grantee's subsequent applications or to the County's right to require <br />the full bond at any time thereafter. However, no application shall be made by the <br />Grantee within one (1) year of any prior application. <br /> <br /> D. Use of Performance Bond. Prior to drawing upon the performance <br />bond for the purposes described in this Section, the County shall notify the Grantee in <br />writing that payment is due and the Grantee shall have thirty (30) days from the receipt <br />of such written notice to make a full and complete payment. If the Grantee does not <br />make the payment within thirty (30) days, the County may withdraw the amount <br />thereof, with interest and penalties, from the performance bond. <br /> <br /> <br />