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2 4. Method of Payment. a. Payments. Payment shall occur upon completion of work, acceptance by City staff, and submission by Contractor of a request for payment. Upon the City’s review and approval, including adjustments if any, City shall make payment to the Contractor. b. Retention Payment. Five percent (5%) of the amount due shall be retained by the City as a retention. The City shall retain five percent (5%) of the contract amount for thirty-five (35) days after the Notice of Completion for the work is recorded. The Contractor may elect to receive 100 percent of payments due under the agreement from time to time, without retention from any portion of the payment by the City, by depositing securities of equivalent value with the City in accordance with the provisions of Section 22300 of the California Public Contract Code. Such securities, if deposited by the Contractor, shall be valued by the City, whose decision on valuation of the securities shall be final. Securities eligible for investment under this provision shall be limited to those listed in Section 16430 of the California Government Code. c. Time of Payment. Payment shall be made within thirty (30) days of receipt of Contractor’s invoice and approved by City. 5. Indemnification. Contractor shall hold harmless, defend, and indemnify the City, its officers, agents and employees (“Indemnitees”), against any and all claims, costs, demands, causes of action, suits, losses, expenses, attorney’s fees, or liability, arising from or in any manner related to Contractor’s (includes Contractor’s employees, agents, or subcontractors) negligent act or omission, whether alleged or actual, regarding the work performed or caused to be performed pursuant to this Agreement and any amendments thereto. Contractor shall not, however, be obligated to indemnify Indemnitees from Claims arising from the sole negligence or willful misconduct of Indemnitees. This indemnification includes any claim that the materials or equipment provided under this Agreement, or any tool, article or process used, constitutes an infringement of any patent issued by the United States. This indemnification provision shall survive termination or cancellation of the Agreement. 6. Insurance. During the term of this Agreement, Contractor shall maintain in full force and effect, at its own cost and expense, insurance coverages with insurers with an A.M. Best’s rating of no less than A:VII. Contractor shall have the obligation to furnish City, as additional insured, the minimum coverages identified below, or such greater or broader coverage for City, if available in the Contractor’s policies: a. General Liability and Bodily Injury Insurance. Commercial general liability insurance with limits of at least $2,000,000 combined limit for bodily injury and property damage that provides that the City, its officers, employees and agents are named as additional insureds under the policy as evidenced by an additional insured endorsement satisfactory to the City Attorney. The policy shall state in writing either on the Certificate of Insurance or attached rider that this insurance will operate as primary insurance for work performed by Consultant and its subconsultants, and that no other insurance effected by City or other named insured will be called on to cover a loss. Docusign Envelope ID: 846FAC11-7C49-4448-B2FA-1259785AE2E8Docusign Envelope ID: 3C863071-4B6E-41FC-AA87-DE901295C655