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<br />City of Arden Hills <br /> <br />considered employees or sub-contractors of the Contractor only and not of the City; and any and <br />all claims that might arise, including Worker's Compensation claims under the Worker's <br />Compensation Act of the State of Minnesota or any other state, on behalf of said employees or <br />other persons while so engaged in any of the work or services provided to be rendered herein, <br />shall be the sole obligation and responsibility of Contractor. <br /> <br />7.15 Transfer of Interest <br /> <br />The Contractor shall not assign any interest in the contract, and shall not transfer any interest in <br />the contract either by assignment or novation, without the prior written approval of the City, The <br />Contractor shall not subcontract any services under this contract without prior written approval <br />of the City, Failure to obtain such written approval by the City prior to any such assignment or <br />subcontract shall be grounds for immediate contract termination. <br /> <br />7.16 Non-Assignability and Bankruptcy <br /> <br />The parties hereby agree that Contractor shall have no right to assign or transfer its rights and <br />obligations under said agreement without written approval from the City, In the event the <br />Contractor, its successors or assigns files for Bankruptcy as provided by federal law, this <br />agreement shall be immediately deemed null and void relieving all parties of their contract rights <br />and obligations. <br /> <br />7.17 Indemnification <br /> <br />The Contractor agrees to defend, indemnifY and hold harmless the City, its officers and <br />employees, from any liabilities, claims, damages, costs, judgments, and expenses, including <br />attorney's fees, resulting directly or indirectly from an act or omission of the Contractor, its <br />employees, its agents, or employees of subcontractors, in the performance of the services <br />provided by this contract or by reason of the failure of 1he Contractor to fully perform, in any <br />respect, any of its obligations under this contract If a Contractor is a self- insured agency of the <br />State of Minnesota, the terms and conditions of Minnesota Statute 3,732 et seq, shall apply with <br />respect to liability bonding, insurance and liability limits, The provisions of Minnesota Statutes <br />Chapter 466 shall apply to other political subdivisions of the State of Minnesota, <br /> <br />7.18 Performance & Payment Bond <br /> <br />Contractor shall execute and deliver to the City a Performance and Payment Bond with the <br />corporate surety in the sum of $25,000 or equal ("equal" may include a Letter of Credit from a <br />banking institute approved by the City Attorney), The contract shall not become effective until <br />such a bond, in a form acceptable to the City, has been delivered to the City and approved by the <br />City Attorney, <br /> <br />The executed contract shall be subject to termination by the City at any time if said bond shall be <br />cancelled or the surety thereon relieved from liability for any reason, The term of such <br />performance bond shall be for the life of the executed contract Extensions or renewals shall <br />require the execution and delivery of a performance bond in the above amount to cover the <br />period of extension or renewal. <br /> <br />20 <br />