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  <br />19 <br />483433v3 NE136-8 <br />Minnesota or any other state, on behalf of said employees or other persons while so <br />engaged in any of the work or services provided to be rendered herein, shall be the sole <br />obligation and responsibility of the Contractor. <br /> <br />5.15 Transfer of Interest <br /> <br />The Contractor shall not assign any interest in this Agreement, and shall not transfer any <br />interest in this Agreement either by assignment or novation, without the prior written <br />approval of the City. The Contractor shall not subcontract any services under this <br />Agreement without prior written approval of the City. Failure to obtain such written <br />approval by the City prior to any such assignment or subcontract shall be grounds for <br />immediate termination of this Agreement. <br /> <br />5.16 Non-Assignability and Bankruptcy <br /> <br />The parties hereby agree that the Contractor shall have no right to assign or transfer its <br />rights and obligations under this Agreement without written approval from the City. In <br />the event the Contractor, its successors or assigns files for bankruptcy as provided by <br />federal law, this Agreement shall be immediately deemed null and void relieving all <br />parties of their rights and obligations under this Agreement. <br /> <br />5.17 Indemnification <br /> <br />The Contractor agrees to defend, indemnify and hold harmless the City, its officials and <br />employees, from any liabilities, claims, damages, costs, judgments, and expenses, <br />including attorney’s fees, resulting directly or indirectly from an act or omission of the <br />Contractor, its officials, employees, its agents, or employees of subcontractors, in the <br />performance of the services provided by this Agreement or by reason of the failure of the <br />Contractor to fully perform, in any respect, any of its obligations under this Agreement. <br />If the Contractor is a self-insured agency of the State of Minnesota, the terms and <br />conditions of Minnesota Statute 3.732 et seq. shall apply with respect to liability bonding, <br />insurance and liability limits. The provisions of Minnesota Statutes Chapter 466 shall <br />apply to other political subdivisions of the State of Minnesota. <br /> <br />5.18 Performance & Payment Bond <br /> <br />The Contractor shall execute and deliver to the City performance and payment bonds <br />with its corporate surety in the sum of $25,000 or an equivalent form of surety <br />(“equivalent form of surety” may include a Letter of Credit from a banking institution <br />with terms approved by the City). This Agreement shall not become effective until such <br />a bond or an equivalent form of surety, in a form acceptable to the City, has been <br />delivered to the City and approved by the City Attorney. <br /> <br />This Agreement shall be subject to termination by the City at any time if said <br />bonds/surety is cancelled or the surety thereon relieved from liability for any reason. The <br />term of such bonds/surety shall be for the life of the executed Agreement. Extensions or