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services provided to be rendered herein, shall be the sole obligation <br />and responsibility of Contractor. <br />9.15. Transfer of Interest <br />The Contractor shall not assign any interest in the contract, and shall <br />not transfer any interest in the contract, either by assignment or <br />novation, without the prior written approval of the City. The <br />Contractor shall not subcontract any services under this contract <br />without prior written approval of the City. Failure to obtain such <br />written approval by the City prior to any such assignment or <br />subcontract shall be grounds for immediate contract termination for <br />cause. <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 />prior written approval from the City. In the event Contractor, its <br />successors or assigns files for Bankruptcy as provided by federal law, <br />this agreement shall be immediately deemed null and void relieving <br />all 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 malfeasance, misfeasance, <br />negligence or an act or omission of the Contractor, its employees, its <br />agents, or employees of subcontractors, in the performance of the <br />services provided by this contract or by reason of the failure of the <br />Contractor to fully perform, in any respect, any of its obligations <br />under this contract. If a Contractor is a self-insured agency of the <br />State of Minnesota, the terms and conditions of Minnesota Statute <br />3.732 et seq. shall apply with respect to liability bonding, insurance <br />and liability limits. The provisions of Minnesota Statutes Chapter <br />466 shall apply to other political subdivisions of the State of <br />Minnesota. <br />9.18. Performance & Payment Bond <br />Contractor shall execute and deliver to the City a Performance Bond <br />and a Payment Bond with the corporate surety in the sum of $50,000 <br />each, or equal ( "equal " may include a Letter of Credit from a <br />banking institution approved by the City). This agreement shall not <br />42 <br />