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10. Payment and Performance Bonds/Letter of Credit <br />10.1 Before the Contract shall be valid or binding against the City, the Contractor shall <br />provide both a Payment Bond and a Performance Bond to the City of Arden Hills for the <br />use of said City, and also for the use of anyone who may perform or cause to be <br />performed any work or labor, or furnish or cause to be furnished any skill, labor, <br />equipment, or materials in the execution of such Contract, which bonds shall be signed <br />by the Contractor and shall be in the amount of fifty (50) percent of the yearly Contract <br />amount. The Bonds shall at all times be kept in full force and effect. The Bonds or <br />Letters of Credit shall be approved by the City Attorney and filed with the City Clerk or <br />designee. <br />10.2 The conditions of the Bonds or Letters of Credit shall be that the Contractor shall fully <br />and faithfully perform all conditions of the Contract and these specifications; shall pay <br />anyone who may perform or cause to be performed any work or labor, or furnish or <br />cause to be furnished any skill, labor, equipment or material in the execution of such <br />Contract; and such Bonds or Letters of Credit shall provide the full amount thereof and <br />shall be forfeited upon the Contractor's failure to comply therewith. <br />CITY OF ARDEN HILLS, MN <br />CONTRACT FOR THE COLLECTION OF RESIDENTIAL RECYCLABLE MATERIALS Page 17 <br />