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the coverage required by these specifications. <br />G. Subcontractors. The Contractor shall include all Subcontractors as insureds under its policies <br />or shall furnish separate certificate and endorsements for each subcontractor. All coverages for <br />Subcontractors shall be subject to all of the requirements stated herein. <br />H. Other Provisions <br />Any failure to comply with reporting or other provisions of the policies including breaches <br />of warranties shall not affect coverage provided to the City, its officers, officials, agents, <br />employees and volunteers. <br />ii. The City, its officers, officials, agents, employees and volunteers shall be named as <br />additional insureds on all policies. <br />10.4 FAITHFUL PERFORMANCE BOND <br />Simultaneously with the execution of this Agreement, the Contractor shall file with the City a bond, payable <br />to the City, in a form reasonably acceptable to the City, securing the Contractor's faithful performance of <br />each and every one of its obligations under this Agreement. The performance bond shall become Exhibit <br />H to this Agreement The principal sum of the bond shall be one million dollars ($1,000,000). The bond <br />shall be executed as surety by a corporation authorized to issue surety bonds in the State of California, <br />with a financial condition and record of service satisfactory to the City. The bond shall be in a form <br />reasonably specified by the City Representative. Alternatively, the Contractor may deposit a letter of credit <br />or open a certificate of deposit in the name of the City to be held to secure this faithful performance. The <br />performance bond shall remain in force for the duration of this Agreement The premium for the bond shall <br />be paid by the Contractor. <br />ARTICLE 11. BREACH, DEFAULT AND REMEDIES <br />11.1 EVENTS OF BREACH <br />A. General. The Parties acknowledge that provision of consistent, reliable Franchise Services is of <br />utmost importance to the City and that the City has considered and relied on the Contractor's <br />representations as to its ability and commitment to quality of service in awarding the Franchise. The <br />Parties further recognize that same quantified standards of performance are necessary and appropriate to <br />ensure consistent and reliable service and performance. The Parties further recognize that if the <br />Contractor fails to achieve the performance standards, or fails to submit required documents in a timely <br />manner, the City and residents of the City will suffer damages and that it is and will be impractical and <br />extremely difficult to ascertain and determine. Therefore, without prejudice to the City's right to treat <br />uncorrected non-performance as an Event of Default under this Article 11, the parties agree that the <br />following liquidated damage amounts represent a reasonable estimate of the amount of such damages. <br />r:~a~„~~,~w~twz.wpa ovovoo Page 43 of 59 <br />