R2004-126 ACCEPTING PROPOSAL - Laserfiche WebLink

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. 4.5 Payment of Fees: The Claims Handling Fee applicable to a feature shall be due,payable and eamed in the month in which the Feature file is opened. Fees for other services shall be due and payable in the month in which the service is rendered. The City shall pay to Contractor all Claims Handling Fees and other fees hereunder within twenty (20) days of receipt of the Contractor's complete and detailed invoice. 4.6 Reimbursement of Loss Payments: The City shall reimburse Contractor for any I.ass Payments (including LAE)paid in accordance with the terms of this AGREEMENT within twenty (20) days of receipt of the Contractor's complete and detailed invoice. 4.7 Settlement Authority: The City retains the right to direct Contractor in the investigation, settlement and defense of, and the City shall have final settlement authority with respect to each Claim. However, Contractor is not obligated to obtain the consent of the City prior to settling a Claim within its Settlement Authority or if Contractor has obtained the City's consent to settle any Claim for amounts in excess of its Settlement Authority. 4.8 Approved Legal Counsel: The City retains the right to direct Contractor to use legal I counsel of the City's choice in the defense of any specific Claim to be adjusted hereunder. ' 5. ACCOUNTING AND REPORTING I 5.1 Monthly Accounting Statement: Within ten (10)business days following the end of each calendar month during the term of this AGREEMENT, Contractor shall provide to City a written statement which shall detail the following information for such month (the "Monthly Accounting Statement"): • Loss Payment summary, exclusive of LAE; • Claims Handling Fees earned by Contractor, and; • An itemization of all LAE payments. 5.2 Monthly Claims Report: Within ten(10)business days following the end of each calendar month during the term of this AGREEMENT, Contractor shall provide to City a monthly claims report, in a format and media mutually acceptable to the parties. 5.3 1099 Reports: City shall prepare 1099 reports and make all required filings in compliance with Internal Revenue Service requirements for all payees required to receive such reports as a result of payments made pursuant to this AGREEMENT. 5.4 Ad Hoc Reports: The City may request ad hoc reports from time to time. If preparation of the report is reasonably feasible, then Contractor shall provide to City an estimate of the cost and time to prepare the same. Upon receipt of City's written approval of the estimate, Contractor shall commence preparation of the report. -5 -