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144 <br /> Second Part may upon fifteen (15) days notice, sent <br /> by Registered Mail, to the Party of the First Part <br /> " declare this Contract in default, and, thereupon, <br /> the Party of the Second Part shall have the right <br /> to let the work remaining to be done to some other <br /> Contractor, either by . public letting or <br /> negotiation, and thereupon the Party of the First <br /> Part, the Contractor, shall forthwith pay the Party <br /> of the Second Part all increase in cost or loss and <br /> damage which it may sustain cm account of such <br /> default on the part of the Party of the First Part. <br /> 3. The Party of the Second Party hereby agrees to pay <br /> to the Party of the First Part for the faithful <br /> performance of this Agreement, subject to additions. <br /> and deductions as provided in the specifications or <br /> proposal, in lawful money of the United States as <br /> follows: Fifteen thousand nine hundred dollars <br /> ($15,900.00) . <br /> Summary of Contract Award: <br /> 4. It is mutually agreed that the Party of the Second <br /> Part will accept from the Party of the First Part a <br /> certified checkor 100% of the contract amount in <br /> lieu of performance bonding. Said check to be <br /> deposited in a bank account of the second Party and <br /> returned to the First Party with interest, upon <br /> completion, final inspection and acceptance of the <br /> completed project by the Second Party. Interest, to <br /> be paid at a rate equal to the monthly average paid <br /> on county funds in their time-open account. <br /> It is further agreed that in lieu of a payment bond <br /> issued on behalf of the First Party, all progress <br /> payments due to the First Party will be held in a <br /> bank account of the Second Party until completion, <br /> final inspection and acceptance of work by the <br /> Second Party. <br /> 5. Upon submission by the First Party of evidence <br /> satisfactory to the Second Party that all payrolls, <br /> material bills and other costs incurred by the <br /> First Party in connection with the construction of <br /> the work has been paid in full , payment on account <br /> of this agreement shall be made within thirty (30) <br /> days after the completion by the First Party of all <br /> work covered by this Agreement and the acceptance <br /> of such work by the Second Party. <br /> 6. It is further mutually agreed between the parties <br /> hereto that if at any time after the execution of <br /> this Agreement the Second Party shall deem for <br /> any reason, that Bonds or instruments submitted in <br /> lieu of said bonds, ceases to be adequate to cover <br /> the performance of the work, the First Party shall, <br /> at its expense, within five (5) days after the <br /> receipt of notice from the Second Party so to do, <br />