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Upon failure of the grantee to commence, pursue or complete any work required by law or by the provisions of this chapter or by its franchise to be done in any street or other public place, within the time prescribed, and to the satisfaction of the City Engineer, the City Engineer may, at his option, cause such work to be done and the grantee shall pay to the City the cost thereof in the itemized amounts reported by the City Engineer to the grantee within 50 days after receipt of such itemized report.