07-13-2020 Council Packet - Laserfiche WebLink

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Agreement for Financial Services THIS AGREEMENT, is made and entered into on July 1, 2020 by and between the City of Lino Lakes, Minnesota (hereinafter referred to as the “City”), and AEM Financial Solutions LLC (hereinafter referred to as the “Contractor”). Articles of Agreement & Recitals WHEREAS, the City is authorized and empowered to secure from time to time certain professional services through contracts with qualified consultants; and WHEREAS, the Contractor understands and agrees that: 1.The Contractor will act as an Independent Contractor in the performance of all duties under this Agreement. Accordingly, the Contractor shall be responsible for payment of all taxes, including federal, state and local taxes and professional/business license fees arising out of the Contractor’s activities; 2.The Contractor shall have no authority to bind the City for the performance of any services or to obligate the City. The Contractor is not an agent, servant, or employee of the City and shall not make any such representations or hold himself/herself out as such; 3.The Contractor shall be the exclusive outsourced accounting service provider for the City during the term of this Agreement; 4.The Contractor shall perform all professional services in a competent and professional manner, acting in the best interests of the City at all times. 5.The Contractor shall not accrue any continuing contract rights for the services performed under this contract. NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, it is agreed as follows: ARTICLE I INCORPORATION OF RECITALS The recitals and agreement set forth above are hereby incorporated into this Agreement. ARTICLE II LIABILITY INSURANCE Section 1 Liability Insurance: The Contractor shall obtain professional liability insurance, at their expense with liability insurance coverage minimums in the amount of $2,000,000, which Contractor must secure and maintain during the term of this Agreement. Contractor will provide City with proof of liability insurance coverage under this Agreement in writing upon request by the City.