Ordinance 2858-05 - Laserfiche WebLink

• law, or in the construction, operation or repair, or ownership of the Open Video System; (b) Grantee's insurance coverage shall be primary insurance with respect to the City, its officers, officials, boards, commissions, employees and agents. Any insurance or self-insurance maintained by the City, its officers, officials, boards, commissions, employees and agents shall be in excess of the Grantee's insurance and shall not contribute to it; and (c) Grantee's insurance shall apply separately to each insured against whom a claim is made or lawsuit is brought, except with respect to the limits of the insurer's liability. (B) Acceptability of Insurers. The insurance obtained by Grantee shall be placed with insurers with a Best's rating of no less than"A-." (C) Verification of Coverage. The Grantee shall furnish the City with certificates of insurance and endorsements or a copy of the page of the policy reflecting blanket additional insured status. The certificates and endorsements for each insurance policy are to be signed by a person authorized by that insurer to bind coverage on its behalf The certificates and endorsements for each insurance policy are to be on standard forms or such forms as are consistent with standard industry practices, and are to be received and approved by the City prior to the commencement of activities associated with this Franchise. The Grantee hereby warrants that its insurance policies satisfy the requirements of this Franchise and City laws. 5.4. Irrevocable Letter of Credit or Performance Bond (A) No later than the Effective Date of this Franchise, Grantee shall establish and provide to the City, as security for the faithful performance by Grantee of all of the provisions of this Franchise, an irrevocable letter of credit from a financial institution satisfactory to the City or a performance bond in the amount often thousand dollars ($10,000.00). (B) The irrevocable letter of credit or performance bond may be drawn upon by the City for purposes including, but not limited to, the following: (1) Failure of Grantee to pay the City sums due under the terms of this Franchise; (2) Reimbursement of costs borne by the City to correct Franchise violations not corrected by Grantee; and (3) Monetary remedies or damages assessed against Grantee due to default or breach of Franchise requirements. (C) The City shall give Grantee written notice of any withdrawal under this subsection upon such withdrawal. Within seven (7) days following receipt of such notice, Grantee shall restore the irrevocable letter of credit or performance bond to the amount required under this Franchise. Grantee's maintenance of the irrevocable letter of credit or performance bond shall not be construed to excuse unfaithful performance by Grantee or to limit the liability 10