Unless otherwise provided for in the franchise agreement, the franchisee shall maintain a performance bond at one hundred percent (100%) of the cost of construction. In addition, the franchisee shall maintain a letter of credit in a sum not less then Five Hundred Thousand Dollars ($500,000). The letter of credit may be reduced in an amount up to Two Hundred Fifty Thousand Dollars ($250,000) upon the completion of fifty percent (50%) of the construction. The franchisee shall file with the Director a duplicate copy of the performance bond and/or letter or credit which must be approved by the County's Office of Law.