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11-07-05
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11-07-05
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1/12/2009 8:25:12 AM
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3/3/2006 2:58:06 PM
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City Council
City Council - Type
CC Packets
Date
3/3/2006
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<br />FEE FOR SERVICES AGREEMENT <br /> <br />The City of Hastings, hereinafter "Client", agrees to engage the services of Maguire Agency, Inc. <br />hereinafter known as "Agency". <br /> <br />Agency agrees, as a function of their business as Insurance Agents, or as Insurance Brokers, to <br />advise Client in the management of risks of loss generally covered by property and casualty <br />insurance, fidelity and surety bonds, and to procure or attempt to procure on Client's behalf such <br />insurance as Client may designate, subject to the following terms and conditions: <br /> <br />I. EFFECTIVE DATE AND TERM <br />This Agreement shall begin on January 1,2006 and shall continue until <br />January 1,2009, and thereafter shall continue from year to year. Either party may <br />terminate this Agreement at any time by giving written notice of termination. <br /> <br />II. OBJECTIVE OF AGREEMENT <br />Agent will employ its technical knowledge and its knowledge of general and specific <br />market conditions in the assumption of such insurance management functions as <br />Client and Agent mutually deem to be appropriate. Client understands that Agent will <br />act in the dual capacity of risk management counselor and insurance agent and/or <br />broker. <br /> <br />III. BASIS OF COMPENSATION <br />The fee for consulting services provided by employees of Agent during each year of <br />the three-year agreement will be $13,400. The fee is payable quarterly and is due <br />upon receipt. This fee pertains to all LMCIT coverages and is in lieu of <br />commissions. <br /> <br />Maguire Agency, Inc. <br /> <br />City of Hastings <br /> <br />By: <br /> <br />By: <br /> <br />Date: <br /> <br />Date: <br /> <br />#1 (in addition) <br />
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