AG 1998 02 16 - Laserfiche WebLink

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E. Notification. Within three (3) days of a withdrawal from the performance bond, the County shall send to the Grantee, by certified mail, return receipt requested, written notification of the amount, date and purpose of such withdrawal. F. Replenishment of Performance Bond. No later than thirty (30) days after mailing to the Grantee by certified mail notification of a withdrawal pursuant to paragraph F above, the Grantee shall replenish the performance bond in an amount equal to the amount so withdrawn. Failure to make timely replenishment of such amount to the performance bond shall constitute a substantial violation of this Ordinance. G. Non-Renewal, Alteration, or Cancellation of Performance Bond. The performance bond required herein shall be in a form satisfactory to the County and shall require thirty (30) days written notice of any non-renewal, alteration or cancellation to both the County and the Grantee. The Grantee shall, in the event of any such cancellation notice, obtain, pay all premiums for, and file with the County, written evidence of the issuance of replacement bond or policies within thirty (30) days following receipt by the County or the Grantee of any notice of cancellation. H. Inflation. The amount of the bond provided for herein, is subject to reasonable increases to offset the effects of inflation at the end of every three (3) year period of the Franchise, applicable to the next three year period, upon the determination of the County. I. County Rights. The rights reserved to the County with respect to the Performance bond are in addition to all other rights of the County, whether reserved by this Ordinance, the Franchise or authorized by law, and no action, proceeding or exercise of a right with respect to such a bond shall affect any other right the County may have. J. Right to Require Replacement of Bonds or Insurance. If the County becomes aware of the financial condition of any bonding or insurance company issuing a performance bond or insurance policy to Grantee as required herein where, if such conditions were known at the time, the County would not have approved the surety of the bond or the County would not have found the form of the bond or the insurance policies satisfactory or if the financial condition of such bonding or insurance company materially change to the extent that such approvals would not have been made, the County may, at any time, require that any such bond or insurance policy be replaced with such other bond or insurance policy, consistent with the requirements set forth in this section. 6.2 LIABILITY AND INSURANCE. 24