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6.17!Performance and Payment Bond Contractor shall execute and deliver to the City a Performance Bond and a Payment Bond with from a banking institution approved by the City). This Contract 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, and a payment bond, in the above amounts to cover the period of extension or renewal. 6.18!Subcontractor Payment Pursuant to Minn. Stat. § 471.425, Contractor agrees to pay any Subcontractor within 10 days of Subcontractor, unless otherwise agreed to by contract between the Contractor and a Subcontractor. The Contractor must pay interest of 1½ percent per month or any part of a month to the Subcontractor on any undisputed amount not paid on time to the Subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100 or more is $10. For an unpaid balance of less than $100, the Contractor shall pay the actual penalty due to the Subcontractor. A Subcontractor who prevails in a civil action to collect interest penalties from a Contractor must be awarded its costs and disbursements, including attorney's fees, incurred in bringing the action. 6.19!Audit All books, records, documents and accounting procedures and practices of the Contractor relevant to the Contract shall, pursuant to Minnesota Statutes, Section 16C.05, subdivision 5, be subject to examination at all times by the City and/or by the Legislative Auditor or State Auditor for a minimum of six years. The Contractor shall maintain such records for a minimum of six years after termination of the Contract. 6.20!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. 6.21!Entire Contract The executed Contract supersedes all verbal Contracts and negotiations between the parties relating to the subject matter hereof, as well as any previous Contracts presently in effect between the parties relating to the subject matter hereof. Any alterations, amendments, deletions, RFP for City of Roseville Recycling Services A-32 RS160\\1\\934842.v1 Qbhf!244!pg!6:7