Agenda - Council - 10/28/1997 - Laserfiche WebLink

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I I I I I I I I I I I I I I I '1 I I I B. Workers' compensation insurance and employers' liability insurance as required by law. C. Automobile liability and property damage insurance, including coverage for non-owned and hired vehicles, in limits as for comprehensive general public liability coverage stated above. The City shall be named as an additional insured on the above policies, for coverage needed only for work, as specified in this Contract, which endorsement shall provide that coverage may not be terminated or changed by the insurer except upon 30 days' written notice to the City Administrator. No policy shall contain any provisions for exclusions from liability other than provisions for exclusion fi-om liability forming part of the standard basic unamended and unendorsed form of policy, except that no exclusion will be permitted in any event if it conflicts with a coverage expressly required in this Contract, and in addition, no policy shall contain any exclusion from bodily injury to, or sickness, disease or death of any coverage under the contractual liability endorsement of the liability of the Contractor under this Contract. Compliance by the Contractor with the foregoing requirements to carry insurance and furnish certificates shall not relieve the Contractor from liability assumed under any provisions of this Contract. SECTION 12. PERFORMANCE BOND This Contract shall not be in effect until the Contractor has executed and delivered to the City Administrator a performance bond in the amount of $25,000.00 and executed by a corporate surety company authorized to do business in the State of Minnesota and satisfactory to the City to secure the faithful performance of His Contract by the Contractor, conditioned that the Contractor shall well and truly perform and carry out the covenants, terms and conditions of this Contract in strict accordance with its provisions. This Contract shall be subject to immediate cancellation by the City at any time if said bond shall be cancelled or the surety thereon relieved from 1/ability because of failure to pay the premium or termination of the period of the bond without renewal thereof. SECTION 13. INDEMNIFICATION The Contractor shall indemnify and hold harmless the City and its officers, agents and employees from and against all claims, damages, losses or expenses, including attorney fees, for which it may be held liable, arising out of or resulting from the assertion against them of any claLms, debts or obligations in consequence of the performance of this Contract by the Contractor, its employees, agents or subcontractors.