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The policy shall include the City as an additional insured party, and the Company shall provide <br />• the City Attorney with a certificate of such coverage before execution of this franchise. The <br />Company shall also make available upon written request to the City a copy of the relevant <br />Insurance Policies. <br />603.2 The Company shall also require similar indemnification and insurance coverage from any <br />contractor working on its behalf in the public right-of-way. <br />SECTION 604 NEGLIGENCE AND INTENTIONAL ACTS <br />Nothing herein contained shall be construed to render the Company liable for or obligated to <br />indemnify the City, its agents, or employees, for the negligence or intentional acts of the City, its <br />Council members, its agents or employees, or a permittee of the City. <br />ARTICLE VII <br />SECTION 701 GENERAL REQUIREMENT OF A PERFORMANCE BOND <br />Prior to the Effective Date of this Ordinance, the Company has deposited with the City a <br />Performance Bond made payable to the city in the amount of twenty-five thousand dollars <br />($25,000). The bond shall be written by a corporate surety acceptable to the City and authorized <br />• to do business in the Commonwealth of Virginia. The Performance Bond shall be maintained at <br />this amount through the term of this franchise. <br />U <br />SECTION 702 CHANGED AMOUNT OF THE PERFORMANCE BOND <br />Upon thirty (30) days prior written notice, the City may, acting reasonably, require or permit the <br />Company to change the amount of the Performance Bond if the City finds that new risk or other <br />factors exist that reasonably necessitate or justify a change in the amount of the Performance <br />Bond. Such new factors may include, but not be limited to, such matters as: <br />(a) material changes in the net worth of the Company; <br />(b) changes in the identity of the Company that would require the prior written <br />consent of the City; <br />(c) material changes in the amount and location of Facilities owned by the Company; <br />(d) the Company's recent record of compliance with the terms and conditions of this <br />Ordinance: and <br />(e) material changes in the amount and nature of construction or other activities to be <br />performed by the Company pursuant to this Ordinance. <br />Page I I <br />