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<br />4. TERM <br /> <br />The term of the agreement shall be five years with the option to extend <br />the agreement for one additional five-year term. <br /> <br />5. COMPENSATION <br /> <br />CONCESSIONAIRE shall pay to City _% of all revenues on a monthly <br />basis subject to the detailed payment arrangements as described in Attachment <br /> <br />"A". <br /> <br />6. HOLD HARMLESS CLAUSE <br /> <br />CONCESSIONAIRE agrees to indemnify and hold harmless CITY, and its <br />officers, agents, representatives, volunteers and employees from any and all loss <br />or damage, and from any and all suits, actions and claims filed or brought by any <br />person or persons, however caused, arising out of CONCESSIONAIRE'S <br />negligent performance or failure to perform, any and all things necessary to and <br />required to be done by CONCESSIONAIRE, pursuant to the specifications in the <br />Agreement. <br /> <br />7. INSURANCE <br /> <br />With respect to performance of work under this Agreement, <br />CONCESSIONAIRE shall maintain and shall require its subcontractors, if any, to <br />maintain insurance as described below: <br /> <br />A. Worker's Compensation insurance with statutory limits, any <br />employer's liability insurance with limits not less than $1,000,000 per accident. <br /> <br />12 <br />