A. The successful bidder will be required, at the time of execution of a formal contract, to post a surety bond in the amount of two thousand dollars to secure his faithful performance of the contract.

B. The successful bidder will be required to provide, at the time of the execution of the contract, proof of adequate liability insurance in the amount to be established by the city, and naming the city as an additional insured, and through a company approved by the city.

C. The term of the contract to be entered into will be for a period of five years and shall provide for an option to extend the contract for an additional five years on terms and conditions to be approved by the parties to the contract. (Ord. 156 (part), 1978)