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(a) Purchaser must file with the Authorized Officer and must maintain at all times the bond required under the <br /> regulations to be furnished as a condition to the award of this contract in the amounts established by the Authorized <br /> Officer and to furnish additional bonds or security as the Authorized Officer may require. <br /> (b) If all terms of this contract are not faithfully and fully performed by Purchaser, the bond in the sum of <br /> $72,184.00 filed at the time of the signing of this contract will be forfeited to the amount of damages determined by the <br /> Authorized Officer. If damages exceed the amount of the bond, Purchaser hereby acknowledges liability for such <br /> excess. Upon satisfactory performance of this contract, the bonds will be canceled, or if cash or United States <br /> securities were furnished in lieu of a security bond, such cash or securities will be returned to Purchaser. Reference <br /> Exhibit C, Finacial Warranty Corporate Surety dated March 4, 2019 and held by the State of Colorado <br /> Department of Natural Resources Division of Reclamation, Mining and Safety. <br /> (c)Whenever any bond furnished under this contract is found unsatisfactory by the Authorized Officer, the <br /> Authorized Officer may require a new bond which is satisfactory. <br /> Sec.6. Expiration of contract and extensions of time. This contract will expire on December 31, 2019. <br /> unless an extension of time is granted in accordance with the provisions of 36 CFR 228.53(b). Written application for <br /> an extension of time may be made by Purchaser between 30 and 90 days before the expiration date of the contract. <br /> Sec. 7. Duties of Purchaser. Purchaser must take fire precaution and conservation measures and must dispose of <br /> slash and other debris resulting from operations hereunder in accordance with written instructions from the Authorized <br /> Officer. <br /> Sec. 8. Notice of operations. Purchaser must notify the Authorized Officer immediately of the commencement and <br /> termination of operations hereunder. A report of production will be furnished at least annually by Purchaser to the <br /> Authorized Officer. <br /> Sec.9. Responsibility for damages. Purchaser is liable in damages for the loss or destruction of all Government <br /> property for which Purchaser is directly or indirectly responsible under this contract, or resulting from Purchaser's <br /> failure to perform under this contract in accordance with the instruction of the Authorized Officer, as well as for costs <br /> incurred by Government resulting from Purchaser's breach of any of the terms hereof, or Purchaser's failure to engage <br /> in proper conservation practice. For damages resulting from willful action or gross negligence of Purchaser, <br /> Purchaser's contractors or subcontractors, or any of their employees, Purchaser is liable for triple the appraised value <br /> of damaged or destroyed materials as determined by the Authorized Officer. If the Authorized Officer determines that <br /> the damage or destruction did not result from Purchaser's willful action or gross negligence, lesser damages may be <br /> charged, buy not less than the actual appraised value of the materials. Purchaser must pay the Government for such <br /> damages within 30 days after a written demand therefore by the Authorized Officer. Sec. 10.Violations, suspension, <br /> and cancellation. <br /> (a) If Purchaser violates any provision of this contract, the Authorized Officer may, after giving written notice, <br /> suspend any further operations for the Purchaser under this contract, except such operations as may be necessary to <br /> remedy any violations. The Authorized Officer may grant Purchaser an additional 30 days, after service of written <br /> notice, to correct any violations. If Purchaser fails to remedy all violations, the Authorized Officer may, by written <br /> notice, cancel this contract and take appropriate action to recover all damages suffered by the Government by reason <br /> of such violations, including application toward payment of such damages of any advance payments and bonds. <br /> (b) If Purchaser extracts or removes any mineral materials sold under this contract during any period of <br /> suspension, or if Purchaser extracts any of such material after expiration of the time for extraction or the cancellation of <br /> this contract, such extraction or removal is in trespass and renders Purchaser liable for triple damages. <br /> Sec. 11.Time for removal of personal property. Purchaser has the right within three months after expiration of the <br /> time for extraction and removal of mineral materials, if not in default, to remove equipment, improvements, or other <br /> personal property from Government lands or rights-of-way. Any improvements such as road surfacing, culverts, and <br /> bridges which have become a permanent part of a Government road may not be removed. Any equipment, <br /> improvements, or other personal property remaining on Government lands and rights-of-way at the end of the period <br />