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4. Performance Bond: The Contractor shall execute and deliver to the City a performance bond in the sum of ( $50,000 conditioned upon the faithful performance of the Contract. In addition, to further protect the City in the event the Contractor fails to properly perform under the Contract, the Contractor shall pledge to the City all receivables collected. This Contract shall not become effective until such bond has been delivered to the City in form acceptable to the City Attorney, and has been accepted by the City. Such bond shall be filed with the City Clerk within ten (10) days from the execution of a Contract and shall remain in effect until the expiration of this Contract. In the event the Contractor fails to properly perform under this Contract, the City may take whatever action is necessary to secure substitute garbage and refuse collec- tion for the remainder of the Contract term, and may use the proceeds of the bond to pay for the difference between the rates provided by the Contract and the actual cost of such substitute service subject to Section IV.E.10.(a). 5. Indemnification: The Contractor agrees to indemnify and hold harmless the City, its agents, officers and empolyees from any and all claims, causes of action, liabilities, losses, damages, costs, expenses including reasonable attorneys' fees, suits, demands and judgements of any nature, because of bodily injury to, or death of, any person or persons and/or because of damages to property of the Contractor or others, including loss of use from any cause whatsoever, which may be asserted against the City on account of any act or omission, including negligence, of the Contractor, or the Contractor's employees or agents in connection with the Contractor's performance of this Contract. The Contractor agrees to defend any action brought against the City on any such matters, and to pay and satisfy any judgement entered thereon together with all costs and expenses incurred in connection therewith. The City shall in no way be liable for any claims or charges incurred by the Contractor in the performance of this Contract. 6. Guaranty of non Discrimination: The Contractor agrees that during the life of the Contract, the Contractor will not, within.the State of Minnesota, discriminate against any employee or applicant for employment because of race, color, creed, national origin or ancestry, or sex, and will include a similar provision in all sub -contracts entered into for the performance thereof. The Contract may be cancelled or terminated by the City, and all money due or to become due may be forfeited for a second or subsequent violation of the terms or conditions of this Paragraph. This Paragraph is inserted in the Contract to comply with the provisions of Minnesota Statutes, 181.59.