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<br />~ -v.h. b.,.. A <br /> <br />RELEASE OF CLAIMS AND TERMINATION OF BID CONTRACT <br /> <br /> <br />THIS AGREEMENT made as of this 30th day of Mav 2000, by and <br /> <br /> <br />among RECIO & ASSOCIATES, INC., its affiliates, successors, and/or assigns <br /> <br /> <br />("RECIO"), and the CITY OF SUNNY ISLES BEACH, a municipal corporation (the <br /> <br /> <br />"CITY"). <br /> <br /> <br />WHEREAS, the CITY issued Request for Proposal Nos. 99-08-01, which <br /> <br /> <br />invited bidders to submit proposals for the beautification of Collins Avenue; and <br /> <br /> <br />WHEREAS, by Resolution No. 99-155, the CITY awarded Request for Proposal <br /> <br /> <br />No. 99-08-01 to RECIO and authorized the City Manager to negotiate a contract with <br /> <br /> <br />RECIO on behalf of the CITY, but no such contracts were, in fact, executed; and <br /> <br /> <br />WHEREAS, the CITY and RECIO acknowledge that the CITY has authority to <br /> <br /> <br />change the scope of services, and desires to do so now, while simultaneously settling <br /> <br /> <br />any or all potential asserted and unasserted claims arising out of or relating to the <br /> <br /> <br />award of Request for Proposal No. 99-08-01. <br /> <br /> <br />THEREFORE, in consideration of the above recitals the parties to this <br /> <br /> <br />Agreement agree as follows: <br /> <br />1. <br /> <br />RELEASE. <br /> <br />RECIO, in consideration of $10,000 hereby releases and <br /> <br />forever discharges the City from all claims, demands, actions and causes of action, <br /> <br />judgments, and executions which RECIO ever had, now has, or ever will have, against <br /> <br /> <br />the CITY, arising out of or relating to the awarding of Bid No. 99-08-01 as approved <br /> <br /> <br />by Resolution No. 99-155, which was adopted on September 16,1999. <br /> <br /> <br />2. INDEMNIFICATION. The CITY and RECIO hereby agree that any <br /> <br /> <br />and all bid contracts, as related to Bid No. 99-08-01, are effectively terminated as of <br /> <br /> <br />date of the execution of the release and that all obligations and rights of the parties <br /> <br /> <br />pursuant thereto are eliminated as of such date and that RECIO <br />