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written approval by the City prior to any such assignment or <br />subcontract shall be grounds for immediate contract termination. <br />9.16. Non-Assignability and Bankruptcy <br />The parties hereby agree that Contractor shall have no right to assign <br />or transfer its rights and obligations under said agreement without <br />written approval from the City. In the event Contractor, its successors <br />or assigns files for Bankruptcy as provided by federal law, this <br />agreement shall be immediately deemed null and void relieving all <br />parties of their contract rights and obligations. <br />9.17. Indemnification <br />The Contractor agrees to defend, indemnify and hold harmless the <br />City, its officers and employees, from any liabilities, claims, <br />damages, costs, judgments, and expenses, including attorney's fees, <br />resulting directly or indirectly from an act or omission of the <br />Contractor, its employees, its agents, or employees of subcontractors, <br />in the performance of the services provided by this contract or by <br />reason of the failure of the Contractor to fully perform, in any <br />respect, any of its obligations under this contract. If a Contractor is a <br />self-insured agency of the State of Minnesota, the terms and <br />conditions of Minnesota Statute 3.732 et seq. shall apply with respect <br />to liability bonding, insurance and liability limits. The provisions of <br />Minnesota Statutes Chapter 466 shall apply to other political <br />subdivisions of the State of Minnesota. <br />9.18. Performance & Payment Bond <br /> Contractor shall execute and deliver to the City a Performance and <br />Payment Bond with the corporate surety in the sum of $40,000 or <br />equal (“equal”may include a Letter of Credit from a banking <br />institution approved by the City). This agreement shall not become <br />effective until such a bond, in a form acceptable to the City, has been <br />delivered to the City and approved by the City Attorney. <br /> The executed contract shall be subject to termination by the City at <br />any time if said bond shall be cancelled or the surety thereon relieved <br />from liability for any reason. The term of such performance bond <br />shall be for the life of the executed contract. Extensions or renewals <br />shall require the execution and delivery of a performance bond in the <br />above amount to cover the period of extension or renewal. <br />43 <br /> <br />