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4. TERM <br />This Agreement shall commence on the date first written above and terminate on December 31, <br />2015, unless terminated earlier in accordance with this Agreement. <br />5. NON -POSSESSORY INTEREST <br />City retains full possession of the its property and Promoter will not acquire any interest <br />temporary, permanent, irrevocable, possessory or otherwise by reason of this Agreement, or by the <br />exercise of the permission given herein. Promoter will stake no claire to any such interest. Any violation <br />of this provision will immediately void arid terminate this Agreement. <br />6. NON -RECORDING <br />Neither party shall record this Agreement <br />7. RECORD KEEPING AND AUDIT <br />A. Promoter shall establish and maintain separate accounting records for the Event. <br />Promoter's accounting system shall conform to generally -accepted accounting principles and all records <br />shall provide a breakdown of total costs and revenues associated with the Event_ <br />13, All Promoter's records of revenues and repairs pertaining to the Event referenced herein <br />shall be kept for the duration of this Agreement and made available at all times for audit by City upon <br />request <br />8. INDEPENDENT CONTRAC'T'OR <br />Promoter shall, during the entire term of this Agreement, be construed to be an independent <br />contractor and not an employee of the City. This Agreement is not intended nor shall it be construed to <br />create an employer-employee relationship, a joint venture relationship, or to allow the City to exercise <br />discretion or control over the professional manner in which Promoter performs the services which are the <br />subject matter or this Agreement; however, the services to be provided by Promoter shall be provided in a <br />manner consistent with all applicable standards and regulations governing such services. Promoter shall <br />pay all salaries and wages, employer's social security taxes, unemployment insurance and similar taxes <br />relating to employees and shall be responsible for all applicable withholding taxes. <br />9. INSURANCE <br />Prior to undertaking performance of any work relative to the Events wider this Agreement, <br />Promoter shall maintain and shall require its subcontractors, if any, to obtain and maintain insurance as <br />described below: <br />A. Commercial General Liability Insurance. Promoter and, each of its operators and <br />subcontractors shall maintain commercial general liability insurance which shall include, but not be <br />limited to protection against claims arising from bodily and personal injury, including death resulting <br />therefrom and damage to property, resulting from any act or occurrence arising out of the operations or <br />performance of this Agreement by Promoter, its operators or subcontractors, including, without <br />limitation, acts involving vehicles. The amounts of insurance shall be not less than the following: single <br />limit coverage applying to bodily and personal injury, including death resulting therefrom, and property <br />damage, in the total amount of $5,000,000 per occurrence. Such insurance shall (a) name the City, its <br />