Alternative Security. County may, in its sole discretion, allow Contractor to provide alternative security in the amount set forth in Section 13.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to County, approved by the County Counsel and issued by a financial institution acceptable to County, or (b) a certificate of deposit in the name of County and in a form and with a term satisfactory to County, accompanied by an agreement giving County the right to draw on the funds deposited satisfactory to County and with a financial institution acceptable to County. Interest on the certificate of deposit will be payable to Contractor.
Appears in 2 contracts
Sources: Franchise Agreement, Franchise Agreement