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<br />during the preceding month, or partial thereof. Upon the City’s review and approval,
<br />including adjustments if any, City shall make a progress payment to the Contractor.
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<br />b. Retention Payment. Five percent (5%) of the amount due shall be retained by the City as a
<br />retention. The City shall retain five percent (5%) of the contract amount for thirty-five (35)
<br />days after the Notice of Completion for the work is recorded. The Contractor may elect to
<br />receive 100 percent of payments due under the agreement from time to time, without retention
<br />from any portion of the payment by the City, by depositing securities of equivalent value with
<br />the City in accordance with the provisions of Section 22300 of the California Public Contract
<br />Code. Such securities, if deposited by the Contractor, shall be valued by the City, whose
<br />decision on valuation of the securities shall be final. Securities eligible for investment under
<br />this provision shall be limited to those listed in Section 16430 of the California Government
<br />Code.
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<br />c. Time of Payment. Requests submitted promptly as of the 20th day of each month will be paid
<br />by the 10th day of the following month.
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<br />5. Indemnification. Contractor shall hold harmless, defend, and indemnify the City, its
<br />officers, agents and employees (“Indemnitees”), against any and all claims, costs, demands, causes
<br />of action, suits, losses, expenses, attorney’s fees, or liability, arising from or in any manner related
<br />to Contractor’s (includes Contractor’s employees, agents, or subcontractors) negligent act or
<br />omission, whether alleged or actual, regarding the work performed or caused to be performed
<br />pursuant to this Agreement and any amendments thereto. Contractor shall not, however, be
<br />obligated to indemnify Indemnitees from Claims arising from the sole negligence or willful
<br />misconduct of Indemnitees. This indemnification includes any claim that the materials or
<br />equipment provided under this Agreement, or any tool, article or process used, constitutes an
<br />infringement of any patent issued by the United States. This indemnification provision shall
<br />survive termination or cancellation of the Agreement.
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<br />6. Insurance. During the term of this Agreement, Contractor shall maintain at its own cost and
<br />expense the following insurance coverage with insurers with an A.M. Best’s rating of no less than A: VII.
<br />Contractor shall have the obligation to furnish City, as additional insured, the minimum coverages
<br />identified below, or such greater or broader coverage for City, if available in the Contractor’s policies.
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<br />a. Commercial General Liability Insurance. Commercial general liability
<br />insurance at least as broad as Insurance Services Office (ISO) CG 00 01 for limits of at least
<br />$2,000,000 per occurrence, $4,000,000 general aggregate, and $2,000,000 products and
<br />complete operation aggregate for bodily injury and property damage. The policy shall include
<br />a per project or per location general aggregate endorsement. If a per project/location
<br />endorsement is not available, the limit for the general aggregate shall be doubled. The policy
<br />shall provide that the City, its officers, employees, volunteers and agents are named
<br />additional insureds as evidenced by an additional insured using ISO form CG 20 10 (or
<br />equivalent) for ongoing operations and satisfactory to the City Attorney. The policy shall
<br />allow and be endorsed primary insurance for work performed by Contractor and its
<br />subcontractors, and that no other insurance or self-insurance effected by City or other
<br />additional insured will be called on to contribute to or cover a loss thereunder. Coverage shall
<br />provide and be endorsed to include a waiver of subrogation in favor of the City and its
<br />Docusign Envelope ID: 42D0FC2F-328E-8A96-8129-04A8EA2105A0
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