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"4 of S15N P� 2.9.1 Cancellation and Re- Insurance: If any insurance should be canceled or changed by the insurance company or should any insurance expire during the period of this contract, the Contractor shall be responsible for securing other acceptable insurance for the coverage specified in this section in order to maintain coverage during the life of this Contract. All deductibles must be declared by the Contractor and must be approved by the City. At the option of the City, either the Contractor shall eliminate or reduce such deductible or the Contractor shall procure a Bond, in a form satisfactory to the City, covering the same. 2.10 MONTHLY INVOICES PAYMENTS Cut -off date is the close of the last business day of the month. Contractor shall submit by the 10th day of the following month Contractor's completed Statement of Services /Invoice. Should the 10th fall on a weekend or holiday, Contractor shall submit his application on the next workday. Contractor is advised that processing of invoices must follow this schedule, as the City has funding requirements and other payment obligations which may prevent payment of late Statement of Services for that month's billing cycle. A late Statement of Services with a recommendation for payment will be paid in the next month's billing cycle. 2.11 WARRANTY A. Type of Warranty Coverage Required In addition to all other warranties that may be supplied by the bidder, the bidder shall warrant its products and /or service against faulty labor and /or defective material, for a minimum period of one (1) year after the date of acceptance of the labor, materials and /or equipment by the City. This warranty requirement shall remain in force for the full one (1) year period; regardless of whether the bidder is under contract with the City at the time of defect. Any payment by the City on behalf of the goods or services received from the bidder does not constitute a waiver of these warranty provisions. B. Correcting Defects Covered Under Warranty The bidder shall be responsible for promptly correcting any deficiency, at no cost to the City, within 1 calendar day after the City notifies the bidder of such deficiency in writing. If the bidder fails to honor the warranty and /or fails to correct or replace the defective work or items within the period specified, the City may, at its discretion, notify the bidder, in writing, that the bidder may be debarred as a City bidder and /or subject to contractual default if the corrections or replacements are not completed to the satisfaction of the City within 1 calendar day of receipt of the notice. If the bidder fails to satisfy the warranty within the period specified in the notice, the City may (a) place the bidder in default of its contract, and /or (b) procure the products or services from City of Sunny Isles Beach I Request for Proposal No. 12 -05 -02