By acceptance of the Franchise, each Grantee shall agree that failure to comply with any time and performance requirements as stipulated in this Chapter and the Franchise Agreement may result in damage to the Village, and that it may be impracticable to determine the actual amount of such damage in the event of delay or nonperformance; therefore, the applicable Franchise Agreement shall include provisions for liquidated damages to be paid by the Grantee, in amounts set forth in the applicable Franchise Agreement and chargeable to a security fund therein created.
(Ord. 01-2301, passed 12-11-01)