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special or unusual hazards and be responsible for any damages that <br />result from those hazards. The City does not represent that the <br />insurance requirements are sufficient to protect the Contractor's <br />interest or provide adequate coverage. Evidence of coverage is to be <br />provided on a City-approved Insurance Certificate. <br />A thirty- (30) day written notice is required if the policy is canceled, <br />not renewed or materially changed. <br />The Contractor shall require any of its subcontractors to comply with <br />these provisions. <br />2. Workers' Compensation Insurance: Contractor shall provide evidence <br />of Workers' Compensation Insurance covering all employees of <br />Contractor engaged in the performance of this Contract in <br />accordance with the Minnesota Workers' Compensation Law. <br />3. Performance and Payment Bond: Contractor shall execute and <br />deliver to City a Performance and Payment Bond with a corporate <br />surety in the sum of $25,000.00 or equal ("equal" may include a <br />Letter of Credit from a banking institution approved by City). This <br />Contract will not become effective until such a bond, in a form <br />acceptable to City, has been delivered to City and approved by the <br />City Attorney. <br />The contract shall be subject to termination by City at any time if said <br />bond shall be canceled or the surety thereon relieved from liability for <br />any reason. The term of such Performance Bond shall be renewed <br />annually during the life of the contract. Extensions or renewals shall <br />require the execution and delivery of a Performance Bond in the <br />above amount to cover the period of extension or renewal. <br />4. Indemnification: The Contractor agrees to defend, indemnify and <br />hold harmless the City, its officers and employees, from any <br />liabilities, claims, damages, costs, judgments, and expenses, <br />including attorney's fees, resulting directly or indirectly from an act or <br />omission of the Contractor, its employees, its agents, or employees <br />of subcontractors, in the performance of the services provided by <br />this contract or by reason of the failure of the Contractor to fully <br />perform, in any respect, any of its obligations under this contract. If <br />a Contractor is a self-insured agency of the State of Minnesota, the <br />terms and conditions of Minnesota Statute 3.732 et seq. shall apply <br />with respect to liability bonding, insurance and liability limits. The <br />15 <br />