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earnings credits earned during that timeframe.
<br />
<br />(2) If the aggregate earnings credits earned are insufficient to cover the
<br />aggregate of fees incurred during that timeframe, City shall pay the resulting
<br />deficiency to Banking Services Provider within forty-five (45) days of its
<br />receipt of the semi-annual settlement invoice.
<br />
<br />b. Compensation directly payable by City to Banking Services Provider, exclusive of
<br />earnings credit for City funds on deposit with Banking Services Provider, shall not
<br />exceed $75,000 annually plus a fifty (50) percent annual contingency for the term
<br />of this Agreement.
<br />
<br />2. Section 3, General Provisions, subsection 3-1 Term of the Agreement. The parties
<br />agree to extend the term of the Agreement for an additional five (5) year period through December
<br />31, 2026, unless terminated earlier in accordance with Section 3 -2 below.
<br />
<br />3. Section 3, General Provisions, subsection 3-9 Insurance, shall be amended to read
<br />as follows:
<br />
<br />3-9. INSURANCE
<br />
<br />Prior to undertaking performance of work under this Agreement, Contractor shall maintain
<br />and shall require its subcontractors, if any, to obtain and maintain insurance as described below:
<br />a. Minimum Scope and Limit of Insurance
<br />1. Commercial General Liability (CGL): Insurance Services Office Form
<br />CG 00 01 covering CGL on an “occurrence” basis, including products and
<br />completed operations, property damage, bodily injury and personal &
<br />advertising injury with limits no less than $2,000,000 per occurrence. If a
<br />general aggregate limit applies, either the general aggregate limit shall apply
<br />separately to this project/location (ISO CG 25 03 or 25 04) or the general
<br />aggregate limit shall be twice the required occurrence limit.
<br />2. Automobile Liability: ISO Form Number CA 00 01 covering any auto
<br />(Code 1), or if Contractor has no owned autos, hired, (Code 8) and non-
<br />owned autos (Code 9), with a limit no less than $1,000,000 per accident for
<br />bodily injury and property damage.
<br />3. Workers’ Compensation: As required by t he State of California, with
<br />Statutory Limits, and Employer’s Liability Insurance with limit of no less
<br />than $1,000,000 per accident for bodily injury or disease.
<br />
<br />4. Professional Liability (Errors and Omissions): Insurance appropriate to
<br />Consultant’s profession, with limit no less than $5,000,000 per occurrence
<br />or claim and $10,000,000 in the aggregate.
<br />
<br />5. Cyber Liability: Insurance, with limits not less than $5,000,000 per
<br />occurrence or claim, $10,000,000 aggregate. Coverage shall be sufficiently
<br />broad to respond to the duties and obligations as is undertaken by
<br />Consultant in this Agreement and shall include, but not be limited to,
<br />claims involving security breach, system failure, data recovery, business
<br />interruption, cyber extortion, social engineering, infringement of
<br />
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