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Agreement for <br />Financial Services <br />THIS AGREEMENT, is made and entered into on March 03, 2025 by and between the City of Orono, Minnesota <br />(hereinafter referred to as the "Client"), and Abdo (hereinafter referred to as the "Contractor"). <br />Articles of Agreement & Recitals <br />WHEREAS, the Client is authorized and empowered to secure from time to time certain professional services <br />through contracts with qualified consultants; and <br />WHEREAS, the Contractor understands and agrees that: <br />1. The Contractor will act as an Independent Contractor in the performance of all duties under this Agreement. <br />Accordingly, the Contractor shall be responsible for payment of all taxes, including federal, state and local <br />taxes and professional/business license fees arising out of the Contractor's activities; <br />2. The Contractor shall have no authority to bind the Client for the performance of any services or to obligate <br />the Client. The Contractor is not an agent, servant, or employee of the Client and shall not make any such <br />representations or hold himself/herself out as such; <br />3. The Contractor shall be the exclusive outsourced accounting service provider for the Client during the term <br />of this Agreement; <br />4. The Contractor shall perform all professional services in a competent and professional manner, acting in the <br />best interests of the Client at all times. <br />5. The Contractor shall not accrue any continuing contract rights for the services performed under this <br />Agreement. <br />NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, it is agreed as follows: <br />ARTICLE I <br />INCORPORATION OF RECITALS <br />The recitals and agreement set forth above are hereby incorporated into this Agreement. <br />ARTICLE II <br />LIABILITY INSURANCE <br />Section 1 Liability Insurance: The Contractor shall obtain professional liability insurance, at their expense with <br />liability insurance coverage minimums in the amount of $2,000,000, which Contractor must secure and maintain <br />during the term of this Agreement. Contractor will provide Client with proof of liability insurance coverage under this <br />Agreement in writing upon request by the Client. <br />14 225 <br />