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the operations of DTI, its officers, employees, agents or assigns. Said policy or policies of insurance <br />shall provide coverage for both bodily injury and property damage in not less than One Million <br />Dollars ($1,000,000.00) combined single limit, or its equivalent. <br />§ 3.04 Fidelity Bonding <br />DTI shall provide a policy or policies of insurance insuring DTI against loss due to dishonesty <br />of DTI's officers, agents and employees. Said policy or policies shall provide coverage in not less <br />than $500,000. <br />§ 3.05 Workers' Compensation Insurance <br />DTI shall provide a policy or policies of workers' compensation insurance as required by law. <br />§ 3.06 Modification of Insurance Requirements <br />The City Manager may modify or suspend the requirements imposed on DTI by this Article <br />if in his/her reasonable determination strict compliance is impossible or excessively costly due to <br />insurance market conditions. <br />ARTICLE 4 <br />DEFAULTS, REMEDIES AND TERMINATION <br />§ 4.01 Defaults <br />(a) Failure or delay by either party to perform any tern or provision of this Agreement shall <br />constitute a default under this Agreement. The injured party shall not initiate the remedies hereinafter <br />provided until the defaulting party has been given written notice of the default, specifying the nature <br />thereof, and a period of sixty (60) days to cure or correct such default. <br />(b) Any failure or delay by either party in asserting any of its rights or remedies as to any <br />default shall not operate as a waiver of any default or of any such rights or remedies, or deprive such <br />party of its right to institute and maintain any actions or proceedings which it may deem necessary to <br />protect, assert or enforce any such rights or remedies. <br />§ 4.02 Remedies of City <br />In the event of any default and failure to cure, correct or remedy the same by DTI, City may, <br />at City's sole discretion, in addition to or in lieu of any other remedies, exercise either of the following <br />remedies: <br />(a) Delay of any or all transfers of DMF funds to DTI pursuant to §2.01 of this Agreement <br />until such default is cured, corrected or remedied; provided such delay is approved by the City <br />Council. <br />25D-8 <br />