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<br />Each Work Authorization will set forth a specific Scope of Services, basis of <br />compensation date, and shall be approved by the Finance Director. <br /> <br />ARTICLE 4 COMPENSATION <br /> <br />4.1 GENERAL <br /> <br />The specific compensation to be paid FINANCIAL ADVISOR is as follows: The City will be <br />charged for actual hours worked for scope of services regarding updating the City's capital <br />improvement plan and funding alternatives, in an amount not to exceed $13,000 (thirteen <br />thousand dollars), based on FINANCIAL ADVISOR's hourly fee schedule set forth in <br />Attachment "A". <br /> <br />ARTICLE 5 INSURANCE <br /> <br />During the performance of services under this Agreement, the FINANCIAL ADVISOR <br />shall maintain the following insurance policies written by an insurance company <br />authorized to do business in Florida: <br /> <br />5.1 General Liability Insurance with each occurrence limits of not less than One <br />Million Dollars ($1,000,000), personal injury and advertising injury liability of not less <br />than One Million Dollars ($1,000,000) and general aggregate of not less than One <br />Million Dollars ($1,000,000). <br /> <br />5.2 Workers' Compensation Insurance in accordance with statutory requirements <br />and Employer's Liability Insurance with limits of not less than One Hundred Thousand <br />Dollars ($100,000) for each accident, not less than One Hundred Thousand Dollars <br />($100,000) for each disease, and not less then Five Hundred Thousand Dollars <br />($500,000) aggregate. <br /> <br />5.3 Professional Liability Insurance with limits of not less than One Million <br />Dollars ($1,000,000) annual aggregate. <br /> <br />Deductible amounts shall not exceed five percent (5%) of the total amount of required <br />insurance in each category. Should any policy contain any unusual exclusion, said <br />exclusions shall be so indicated on the certificates( s) of insurance. <br /> <br />The FINANCIAL ADVISOR shall furnish the CITY certificates of insurance which <br />shall include a provision that policy cancellation, non-renewal or reduction of coverage will <br />not be effective until at least thirty (30) days written notice has been made to the CITY. <br />The FINANCIAL ADVISOR shall include the CITY as an additional insured on <br />the General Liability insurance policy required by the Agreement. The FINANCIAL <br />ADVISOR shall not commence work under this Agreement until all insurance required <br />as stated herein has been obtained, and such insurance has been approved by the CITY. <br /> <br />2 <br />