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<br /> Page 14 <br /> This Contract by CORTRACTOR shall not be limited by reason of <br /> 3.2 PERFORIIAHCE BORn The successful proponent must furnish the <br /> Contract. <br /> CITY a performance bond in the amount equal to 100% of the <br /> Contract. This bond is to be presented to the City Attorney <br /> within ten (10) days after notice of award. <br /> Failure to provide a performance bond within the prescribed <br /> period shall constitute a contract default and shall be cause for <br /> termination. <br /> The Performance Bond shall be in the form of a Surety Bond <br /> executed with a Surety Company authorized and admitted to do <br /> business in Texas licensed by the State of Texas to issue surety <br /> bonds and, or a cashiers check made payable to the CITY. <br /> The Performance Bond of the successful proponent shall be <br /> returned by the CITY upon completion of the contract and final <br /> acceptance of all items in accordance with conditions thereof. <br /> AR'J:'ICLE 4 <br /> TERIIIHATIOR OF AGREEJmft <br /> 4.1 "rERIIIHATIOR FOR DEFAULT Failure by either party to this <br /> <br /> contract to perform any of its provisions shall constitute a <br /> breach of contract, in which case, either party may require <br /> corrective action within ten days (10) from date of receipt of <br /> written notice citing the exact nature of such breach. Failure to <br /> take corrective action or failure to provide a satisfactory <br /> written reply excusing such failure within the prescribed 10 days <br /> shall constitute a default of contract. The defaulting party <br />