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any and all claims and suits for damages or injuries to persons or property resulting from or arising <br />out of the operations of DTI, its officers, employees, agents or assigns. Said policy or policies of <br />insurance shall provide coverage for both bodily injury and property damage in not less than One <br />Million 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 <br />dishonesty of DTI's officers, agents and employees. Said policy or policies shall provide coverage <br />in not less than $500,000. <br />§ 3.05 Workers' Com ep nsation Insurance <br />DTI shall provide a policy or policies of workers' compensation insurance as required by <br />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 term or provision of this Agreement shall <br />constitute a default under this Agreement. The injured party shall not initiate the remedies <br />hereinafter provided until the defaulting party has been given written notice of the default, <br />specifying the nature 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 <br />to 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 <br />following remedies: <br />(a) Delay of any or all transfers of DMF funds to DTI pursuant to §2.01 of this <br />P <br />