These are general conceptual concepts that need to be addressed.
I have not  attempted to redraft the language, only to point out areas where we will need  to work on modifications to the Contract language.
1.
Section 5.01 Provision needs to be changed so that Termination Payment is  first paid by Company to Customer and if not paid by Company after notice,  then the Customer would be entitled to make a draw under the Surety Bond.
2.
Section 5.03   Provision needs to be changed to reflect that the initial  bond term shall be __5__ years.
At the end of the initial term, the Company

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