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f � + f ' � f f ► 1' <br />8. Warranties. c shallprovide the Sei vices and meet its obligations <br />Agreement in a timely f, workmanlike mannergenerally <br />acceptable standards in the raceboat industry and #' shall provide r <br />providersstandard of care and quality equal to, or superior to, the care and quality used by <br />service . i ' at similarevents. <br />9. Term and 1 agreement shall begin.,. Effective, and shall <br />run f, one yearon the first anniversary of <br />Agreement. The SDBA shall have the option to extend this Agreement for an <br />additional year for <br />AgreementEvent occurring in the calendar year following the year in which this <br />was signed, forf 1` , 1 as provided by <br />noticegiving written • later than 30 days prior to the expiration <br />agreement.of the term of this <br />10. Default. The occurrence of any of the followingr material <br />default under thisAgreement: A The failureParty <br />paymentrequired payment isapplicable is <br />The insolvency or bankruptcy of either Party; Q The subjection of any or <br />either Party'sproperty to any r, assignment for thef. . l <br />creditors,of f flication or sale for or by any creditorgovernment agency; <br />D) The failure to make available or deliver the services or petfomi <br />obligations1 manner provided for in <br />availablethis Agreement. <br />11, Remedies on Default. In addition to any other rights a Party may have <br />applicable , , Party defaults1 timely <br />perform any provision,1 of . Agreementwithout <br />limitation the failure to make a monetary payment when due, if applicable <br />this Agreement), the other Party mays Agreementby providing <br />Party.written notice to the defaulting This notice shall describe f <br />noticesufficient detail the nature of the default. The Party receiving such <br />shall have , of notice to cure the <br />default(s), provided that the time for the performance of <br />obligations as f` (and specifiedSchedule has 1t passed <br />Unless waived by , Partyftice, failure to cure the default(s) within <br />such time period shall result in the tennination of this Agreement at the option of <br />the non -defaulting party. as f the obligationof both <br />Parties under the terms of this Agreement. <br />12. Indemnification of the City. SDBA DOES HEREBY AGREE TO WAIVE <br />ALL CLAIMS, RELEASE, INDEMNIFY, DEFEND AND HOLD <br />HARMLESS THE CITY TOGETHER WITH ITS MAYOR AND CITY <br />