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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 anytime 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, and a payment pond, in the above amounts to cover the period of extension or renewal. 9.19. Conflict of Interest Contractor agrees that no member, officer, or employee of the City shall have any interest, direct or indirect, in the executed contract or the proceeds thereof. Violation of this provision shall cause the executed contract to be null and void and the Contractor will forfeit any payments to be made under the executed Contract. 9.20. Entire Contract The executed contract supersedes all verbal agreements and negotiations between the parties relating to the subject matter hereof as well as any previous agreements presently in effect between the parties relating to the subject matter hereof. Any alterations, amendments, deletions, or waivers of the provisions of the executed contract shall be valid only when expressed in writing and duly signed by the parties, unless otherwise provided herein. 9.21. 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. C) No proposal can be withdrawn after three (3) days after the date for submission of proposals. d) The Contractor shall review and return signed copies of the contract within 30 days of receipt of the contract. 43