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Grantee's contractors and subcontractors shall be licensed and bonded in accordance with the City's <br /> ordinances, regulations and requirements. Work by contractors and subcontractors is subject to the <br /> same restrictions, limitations and conditions as if the work were performed by Grantee. Grantee <br /> shall be responsible for all work performed by its contractors and subcontractors and others <br /> performing work on its behalf as if the work were performed by it, and shall ensure that all such <br /> work is performed in compliance with this Franchise and other applicable law, and shall be jointly <br /> and severally liable for all damages and correcting all damage caused by them. It is Grantee's <br /> responsibility to ensure that contractors, subcontractors or other Persons performing work on <br /> Grantee's behalf are familiar with the requirements of this Franchise and other applicable laws <br /> governing the work performed by them. <br /> 8.18. Construction Bond <br /> A. Prior to commencing construction, Grantee shall provide an Assurance to ensure the faithful <br /> performance of its responsibilities under this Franchise and applicable law, including, by way of <br /> example and not limitation, its obligations to restore City streets and other property. The amount of <br /> the Assurance shall be two hundred fifty thousand dollars ($250,000), or such lesser or greater <br /> amount as is comparable to that required of Telecommunication System providers in the City for <br /> construction projects of comparable size, cost and complexity. Normally, the amount of the <br /> Assurance shall not exceed 125% of the Permittee's estimated cost of the construction in the public <br /> rights of way of the City. Grantee shall pay all premiums or costs associated with maintaining the <br /> Assurance, and shall keep the same in full force and effect until the construction of the <br /> Telecommunications System shall have been completed and all restoration of public and private <br /> property shall have occurred regarding thereto. Thereafter, the Assurance shall be exonerated, <br /> subject to the mutual written agreement of the parties. <br /> B. The Assurance may be drawn upon by the City for any proper purpose under this Franchise or <br /> as otherwise provided by applicable law. <br /> C. The City shall give Grantee written notice of any withdrawal under this subsection upon such <br /> withdrawal. Within seven (7) days following receipt of such notice, Grantee shall restore the <br /> Assurance to the amount required under this Franchise. Grantee's maintenance of the Assurance <br /> shall not be construed to excuse unfaithful performance by Grantee or to limit the liability of <br /> Grantee to the amount of the Assurance or otherwise to limit the City's recourse to any other <br /> remedy available at law or equity. <br /> D. Grantee shall have the right to appeal to the Chief Financial Officer for reimbursement in the <br /> event Grantee believes that the Assurance was drawn upon improperly. Grantee shall also have the <br /> right of judicial appeal if Grantee believes the Assurance has not been properly drawn upon in <br /> accordance with this Franchise. Any funds the City erroneously or wrongfully withdraws from the <br /> Assurance shall be returned to Grantee with interest, from the date of withdrawal at a rate equal to <br /> the prime rate of interest as quoted in the Wall Street Journal. <br /> 22of31 <br />