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Contractor shall commence work under this contract within three (3) business days following receipt of a Notice to Proceed or work order from the City. Contractor agrees to complete all work called for under this agreement in a professional and timely fashion and in accordance with the work orders received. V. PAYMENT The City shall pay Contractor in current funds for work completed and accepted by the City in accordance with the terms of this Agreement. This is a unit price contract and Contractor shall be entitled to payment for quantities completed and accepted by the City at unit prices submitted by Contractor in Contractor's proposal attached hereto as Exhibit «C„ Contractor recognizes that this Contract shall commence upon the effective date herein and continue in full force and effect until termination in accordance with its provisions. Contractor and the City recognize that the continuation of any contract after the close of any given fiscal year of the City of Paris, which fiscal year ends on September 30th of each year, shall be subject to Paris City Council approval. In the event that the Paris City Council does not approve the appropriation of funds for this Contract, the Contract shall terminate at the end of the fiscal year for which funds were appropriated and the parties shall have no further obligations hereunder. VI. INSURANCE AND INDEMNIFICATION That Contractor must, at all times during the term of this Agreement, keep and maintain in full force and effect a policy or policies of insurance, providing at least $500,000.00 per person and $1,000,000.00 for any single occurrence for bodily injury or death and $100,000.00 for any single occurrence for injury to or destruction of property, indemnifying all persons for any and all damages, personal injuries, or property damages sustained as the result of the negligence of: Contractor, its agents, servants, or employees, and shall pay all premiums due thereon when due. It is expressly provided that such insurance policy or policies shall and must be written and issued by a reputable insurance company or companies, with the City, its elected officials, officers and employees listed as additional insured, subject to approval by the City Attorney of the City of Paris, and Contractor or its insurance carrier or carriers shall deliver a copy of any such policies to the City Clerk of the City of Paris, 150 1st Street S.E., Paris, Texas 75460, or furnish to said City Clerk a current letter or certificate from such company or companies, evidencing the fact that such insurance is in full force and effect at all times during this Agreement, and any extensions hereof, and specifically noting thereon that City, its elected officials, officers and employees as an additional insured. All such policies shall be written so that the City will be notified of cancellation or of any restrictive amendment of the policies at least thirty (30) days prior to the effective date of such cancellation or amendment. Notice shall be by certified mail, return receipt requested, addressed to the City at the following address: City Clerk, City of Paris, P. O. Box 9037, Paris, Texas 75461-9037. IN [;U() 0 4 -