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(A) Franchise Agreement: The company's failure to perform certain obligations under this chapter or the franchise agreement, or its failure to do so in a timely manner, may result in damage to the Village that is difficult to determine. The franchise agreement may set forth a liquidated sum or sums to be reasonably paid in light of the anticipated loss caused by a breach or failure to perform and, in the event of such breach or failure to perform, the company shall pay such amounts to the Village as liquidated damages.
(B) Assessment Of Liquidated Damages: Before assessing liquidated damages against the company, the Village shall give written notice to the company, and an opportunity to cure the breach or failure to perform as provided in the franchise agreement. Unless different procedures or time periods are prescribed in the franchise agreement, the procedures and time periods for imposing liquidated damages shall be the same as the procedures set forth herein for determining and remedying franchise violations. (Ord. 00-O-12, 5-8-2000)