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<br />V. PAYMENT
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<br />The City shall pay Contractor in current funds for work completed and accepted by the City in
<br />accordance with the terms of this Agreement. This is a unit price contract and Contractor shall be entitled to
<br />payment for quantities completed and accepted by the City at unit prices submitted by Contractor in
<br />Contractor's proposal attached hereto as Exhibit "C".
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<br />Contractor recognizes that this Contract shall commence upon the effective date herein and continue
<br />in full force and effect until termination in accordance with its provisions. Contractor and the City recognize that
<br />the continuation of any contract after the close of any given fiscal year of the City of Paris, which fiscal year
<br />ends on September 30th of each year, shall be subject to Paris City Council approval. In the event that the
<br />Paris City Council does not approve the appropriation of funds for this Contract, the Contract shall terminate
<br />at the end of the fiscal year for which funds were appropriated and the parties shall have no further obligations
<br />hereunder.
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<br />VI. INSURANCE AND INDEMNIFICATION
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<br />That Contractor must, at all times during the term of this Agreement, keep and maintain in full force
<br />and effect a policy or policies of insurance, providing at least $250,000.00 per person and $500,000.00 for any
<br />single occurrence for bodily injury or death and $100,000.00 for any single occurrence for injury to or
<br />destruction of property, indemnifying all persons for any and all damages, personal injuries, or property
<br />damages sustained as the result of the negligence of: Contractor, its agents, servants, or employees, and
<br />shall pay all premiums due thereon when due. It is expressly provided that such insurance policy or policies
<br />shall and must be written and issued by a reputable insurance company or companies, with the City, its elected
<br />officials, officers and employees listed as additional insured, subject to approval by the City Attorney of the City
<br />of Paris, and Contractor or its insurance carrier or carriers shall deliver a copy of any such policies to the City
<br />Clerk of the City of Paris, 150 1 st Street S.E., Paris, Texas 75460, or furnish to said City Clerk a current letter
<br />or certificate from such company or companies, evidencing the fact that such insurance is in full force and
<br />effect at all times during this Agreement, and any extensions hereof, and specifically noting thereon that City,
<br />its elected officials, officers and employees as an additional insured. All such policies shall be written so that
<br />the City will be notified of cancellation or of any restrictive amendment of the policies at least thirty (30) days
<br />prior to the effective date of such cancellation or amendment. Notice shall be by certified mail, return receipt
<br />requested, addressed to the City at the following address: City Clerk, City of Paris, P. O. Box 9037, Paris,
<br />Texas 75461-9037.
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<br />The Contractor and his sureties shall indemnify, defend and hold the City, its elected officials, officers
<br />and employees harmless from all suits, actions or claims of any character, name and description brought for
<br />or on account of any injuries or damages received or sustained by any person, persons or property on account
<br />of the operations of the Contractor, his agents, employees or subcontractors; or on account of any negligent
<br />act or fault of the Contractor, his agents, employees or subcontractors in the execution of said contract; or on
<br />account of the failure of the Contractor to provide the necessary barricades, warning lights or signs; and shall
<br />be required to pay any judgment, with cost, which may be obtained against the OWNER growing out of such
<br />injury or damage. The Contractor likewise covenants and agrees to, and does hereby, indemnify and hold
<br />harmless the OWNER from and against any and all injuries, loss or damages to property of the OWNER during
<br />the performance of any of the terms and conditions of this Contract, whether arising out of or in connection with
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