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City of Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (305) 947-0606 phone (305) 949-3113 Fax 9. LIQUIDATED DAMAGES AND OTHER REMEDIES FOR DELAY. In the event the Services are not completed within Five (5) months from the date of issuance of Notice to Proceed from the City Manager or his designee, and in the absence of any extended deadline granted by City, then the Contractor shall be required to pay a liquidated damage penalty of Five Hundred Dollars ($500.00) for each calendar day beyond the One Hundred Fifty (150) day completion period, continuing to the time at which the Services are complete. Such amount is the actual cash value agreed upon as the loss to City resulting from Contractor's delay. Additionally, the City shall also be entitled to withhold 50%of the total Compensation to be paid to Contractor until final completion and acceptance of the Services. 10. INSURANCE. Contractor shall, at its sole cost and expense, during the period of any work being performed under this Agreement, procure and maintain the following minimum insurance coverages to protect the City and Contractor against all loss, claims, damage and liabilities caused by Contractor, its agents, or employees, as indicated below: ❑ Comprehensive General Liability Insurance, including broad form contractual liability coverage for all operations, including, but not limited to, contractual, products, and completed operations, personal injury and property damage liability with minimum limits of One Million Dollars ($1,000,000) per occurrence. ❑ Worker's Compensation, as required by the State of Florida Employer's Liability. ❑ Professional Liability Insurance, with a minimum limit of not less than One Million Dollars ($1,000,000.00) per claim and aggregate for errors and/or omissions of Consultant in the performance of this Agreement Insurance required of the Contractor shall be primary to, and not contribute with, any insurance or self-insurance maintained by the City. Such insurance shall not diminish Contractor's indemnification and obligations hereunder. The insurance policy(ies) shall be issued by companies authorized to do business under the laws of the State of Florida and acceptable to the City with a minimum A.M. Best rating of A-Excellent. Before any work under this Agreement is performed, and at any time upon request, Contractor shall furnish to the City certificates of insurance evidencing the minimum required coverage and shall be appropriately endorsed for contractual liability, with the City named as additional insured. All policies shall contain a waiver of subrogation endorsement. All policies and certificates shall be in forms and issued by insurance companies acceptable to the City Manager or his designee. All insurance policies and certificates of insurance shall provide that the policies may not be canceled or altered without thirty (30) days prior written notice to the City. The City reserves the right from time to time to change the insurance coverage and limits of liability required to be maintained by Contractor hereunder. Contractor shall also require and ensure that each of its sub-contractors providing services hereunder (if any) procures and maintains, until the completion of the services, insurance of the types and to 072-2853 —0. Haliaon Fine Art Studio, Inc. 4