k. Contract approval
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k. Contract approval
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12/16/2005 4:10:35 PM
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12/12/2005 2:47:17 PM
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<br />Either party at any time has the right to terminate this Agreement with a 90 day written notice to <br />the other party. In addition to any other termination right set forth in this Agreement, Fargo Cass <br />may terminate this Agreement without advance notice in the event the Company: <br /> <br />(a) materially breaches any provision of this Agreement, which is not waived in <br />writing by Fargo Cass; <br /> <br />(b) institutes voluntary liquidation, dissolution or winding-up procedures, becomes <br />bankrupt, takes any voluntary proceedings under any bankruptcy or insolvency <br />law to be adjudicated a bankrupt or for any other similar relief, makes an <br />assignment for the benefit of creditors or seeks or becomes subject to the <br />appointment of a receiver which is not stayed or vacated within sixty (60) days <br />after the appointment; <br /> <br />(c) fails to maintain the insurance coverage required by Article 7; or <br /> <br />(d) breaches any statues, ordinances, rules, regulations, and other laws applicable to <br />the performance of Services under this Agreement. <br /> <br />ARTICLE 7 <br />Insurance <br /> <br />7.1 The Company shall provide, maintain, and pay for the following insurance coverage's: <br /> <br />(a) Commercial General Liability Insurance: <br /> <br />Commercial general liability insurance with Fargo and Cass named as additional <br />insureds with limit of not less than $6 million per occurrence and in aggregate per <br />policy year for bodily injury, death and damage to property including the loss of <br />use thereof, inclusive of defense costs. The form ofthis insurance shall be <br />acceptable to Fargo Cass and shall be maintained continuously during the term of <br />this Agreement. The policy shall cover as unnamed insured's all subcontractors <br />and anyone employed directly or indirectly by the Company or the subcontractors <br />to perform any part or parts of the Services. The policy shall include coverage for <br />cross liability and contractual liability, which shall be, it's wording or by <br />endorsement specifically extend to insure the liabilities assumed by the Company <br />under this Agreement. The Certificate of Insurance shall provide Fargo Cass with <br />not less than 30 days' notice in advance of cancellation, termination, change or <br />amendments restricting coverage. <br /> <br />(b) Automobile Liability Insurance: <br /> <br />Motor vehicle liability insurance respecting owned and/or leased motor vehicles <br />with an inclusive limit of not less than $2,000,000 for anyone occurrence with <br />respect to operations in the United States, and the Certificate of Insurance shall <br /> <br />v3 <br /> <br />-10- <br />
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