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j '`i. <br /> B. The Bank represents that the statements of fact contained in its response to the <br /> Request for Proposals (the "Bank Proposal") are true and correct, and that no material <br /> facts were omitted that would render such statements misleading. <br /> 3. SERVICES <br /> Bank shall provide the services described in Exhibit A ("Banking Services"), as <br /> described in the Bank Proposal. Investment activities and services are not included in the <br /> scope of this Agreement. <br /> 4. COMPENSATION <br /> City shall compensate Bank as described in Exhibit B for Banking Services. <br /> 5. DEFAULT <br /> A. Failure to cure any breach within the cure period included in any notice of breach <br /> of this Agreement shall be deemed material. <br /> B. An uncured pattern of failure to accurately, timely or completely process <br /> transactions for the City shall be deemed a material breach of this Agreement. In the <br /> event of such a material breach, City shall provide written notice of such breach. Bank <br /> shall respond to any such notice of breach within three (3)business days with a written <br /> plan to cure such failures and prevent future failures, which plan shall include a <br /> reasonable timetable for implementation of the plan. Failure to provide such a written <br /> plan shall itself be deemed a material breach. <br /> 6. INSURANCE <br /> A. Bank shall comply with the following conditions and procure and keep in force <br /> during the term of this Agreement, at Bank's own cost and expense, the following <br /> policies of insurance with insurers having a Best Financial rating of A- or better, with a <br /> policyholder surplus of VII or better. <br /> 1. Workers' Compensation Insurance as required by Washington law and <br /> Employer's Liability Insurance with limits not less than $1,000,000 per <br /> occurrence. If the City authorizes sublet work, the Bank shall require each <br /> subcontractor to provide Workers' Compensation Insurance for its <br /> employees, unless the Bank covers such employees. <br /> 2. Commercial General Liability Insurance on an occurrence basis in an <br /> amount not less than $1,000,000 per occurrence and at least$2,000,000 in <br /> the annual aggregate, including but not limited to: premises/operations <br /> (including off-site operations), blanket contractual liability and broad form <br /> property damage. <br /> 48 <br />