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the Contractor from traveling its accustomed route or routes for the purpose of collecting and disposing of material at the Clean Up Day. The Contractor agrees not to make any claim for compensation against the City for such interference. 3.14. Performance & Payment Bond Contractor shall execute and deliver to the City a Performance and Payment Bond with the corporate surety in the sum of $15,000 or equal (may include a Letter of Credit from a banking institute approved by the City). This agreement shall not become effective until such a bond, in a form acceptable to the City, has been delivered to the City and approved by the City Attorney. The executed contract shall be subject to termination by the City at any time if said bond shall be cancelled or the surety thereon relieved from liability for any reason. The term of such performance bond shall be for the life of the executed contract. Extensions or renewals shall require the execution and delivery of a performance bond in the above amount to cover the period of extension or renewal. 3.15. Subcontractor Subcontracting is allowed as needed, but all such Contractor- subcontractor relationships must be explicitly described in each proposal scenario. The Contractor shall not enter into subcontracts for any of the services provided for under the executed contract for the services specified herein, without the express written consent of the City. 3.16. Contract Conditions a) The City reserves the right to waive minor irregularities in the proposal documents and to reject any or all proposals. The City reserves the right to enter into a contract with a contractor who does not submit the lowest cost proposal. b) The Bond and Certificate of Insurance shall be provided when the contract is executed. b)No proposal can be withdrawn before 60 days after the date for submission of proposals. 10