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-17- <br />The CONTRACTOR agrees to pay all persuns furnisting labor <br />and material in and about the performance of the Contract; <br />and the CONTRACTOR will, within ten (10) working days after <br />the acceptance of the CONTRACTOR'S Bid execute this Contract <br />and furnish a bond to be approved by the CITY in a sum equal <br />to 100% of the full amount of the 12 month base bid. The <br />CONTRACTOR further agrees to take all precautions to protect <br />the public against injury and to save the CITY harmless from <br />all damages and claims of the CONTRACTOR or the Contract and <br />will indemnify the CITY against all claims, liens and claims <br />for liens for labor performed or material furnished as <br />aforesaid and against all loss by reason of the failure of <br />the CONTRACTOR in ary respect to fully perform all <br />obligations of this contract. <br />The CITY agrees to pay the CONTRACTOR for the performance of <br />this Contract, and the CONTRACTOR agrees to accept as full <br />compensation thereof the prices set forth within the <br />attached bid sheet. <br />The CONTRACTOR and the CITY agree that all of the terms of <br />this Contract shall be binding upon themselves, their heirs, <br />administrators, executors, legal and personal <br />representatives, successors, and assigns. <br />IN WITNESS WHEREOF, the parties hereto have set their hands <br />and seals this day of , 1986. <br />PARTIES OF THE FIRST PART <br />City of Mounds View <br />By <br />Hess Jerome Linke <br />Mayor <br />ness Donald F. Pauley <br />Clerk -Administrator <br />PARTIES OF THE SECOND PART <br />tness Contractor <br />By <br />nens Name (T tle <br />