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multiplying the amount still owed under the Contract plus the amount of the initial deposit <br /> by the adjustment factor specified in this section. <br /> P-40 Guarantee of Payment <br /> Purchaser will pay for Forest Products prior to cutting or will guarantee payment by posting <br /> payment security approved by the City. The amount of cash or payment security shall be <br /> determined by the City and shall equal or exceed the value of the cutting proposed by <br /> Purchaser. <br /> P-50 Billing Procedure <br /> The City will compute and forward to Purchaser statements of charges provided for in the <br /> Contract. The payment shall be delivered to the City on or before the date shown on the <br /> billing statement. <br /> P-80 Payment Account Refund <br /> Advance payments remaining on account above the value for the charges shall be returned to <br /> Purchaser within thirty (30) days following the final report of charges. <br /> P-90 Performance Security <br /> Purchaser agrees to furnish within thirty (30) days after the auction date, security acceptable <br /> to the City in the amount of fifty thousand Dollars ($50,000.00)that guarantees performance <br /> of all provisions of this Contract and payment of any damages caused by operations under <br /> this Contract or resulting from Purchaser's noncompliance with any rule or law. Purchaser <br /> shall not operate unless the City has accepted performance security. If at any time the City <br /> decides that this security has become unsatisfactory, Purchaser agrees to suspend operations <br /> and,within thirty (30)days of notification,to replace the security with one acceptable to the <br /> City. <br /> P-100 Performance Security Reduction <br /> The City may reduce the performance security after an operating release has been issued if <br /> the City determines that adequate security exists for any remaining obligations of Purchaser. <br /> SECTION H: HARVESTING OPERATIONS <br /> H-017 Preventing Excessive Soil Disturbance <br /> Operations may be suspended when soil rutting exceeds 12 inches as measured from <br /> the natural ground line. To reduce soil damage,the Contract Administrator may <br /> require water bars to be constructed, grass seed to be placed on exposed soils, or other <br /> mitigation measures. Suspended operations shall not resume unless approval to do so <br /> has been given, in writing, by the Contract Administrator. <br /> H-051 Branding and Painting <br /> Page 20 of 34 <br /> 4/15/21 Agreement No.2021-01 <br />