HomeMy Public PortalAboutAddendum No 1 to Contract 24-2010 - Chase BankADDENDUM NO. 1
THIS ADDENDUM (No. 1 to Contract No. 24-2010) is made and entered into this
_8th day of _March , 2012, by and between the City of Richmond, Indiana, a
municipal corporation acting through its Board of Public Works & Safety, with its office at 50
North 5t11 Street, Richmond, Indiana (hereinafter the "City"), and JPMorgan Chase Bank, N.A., 1
East Ohio Street, Suite IN1-0045, Indianapolis, Indiana 46277-0045 (hereinafter the
"Contractor").
WHEREAS, City and Contractor entered into Contract No. 24-2010, on February 25,
2010, which Agreement is attached hereto, marked as Exhibit A, and
incorporated herein by reference (hereinafter the "Agreement"); and
WHEREAS, City wishes to retain Contractor to provide those services within the scope
of said Agreement for an additional year as set forth in Section IV Term of
Agreement; and
WHEREAS, City and Contractor wish to modify the first paragraph of Section V
(Indemnification and Insurance).
NOW THEREFORE, in consideration of the mutual promises and covenants herein
contained, including the above stated recitals, City and Contractor hereby agree as follows:
1. Contractor shall perform certain banking services as delineated in Contract No.
24-2010 for an additional one (1) year ending March 31, 2013.
2. Contractor's Proposal has an interest rate modification wherein a Repurchase
Sweep Rate of 0.10% is effective until March 31, 2013, or until the Federal Reserve adjusts the
rate to something other than a range of 0% to 0.25%. Said proposal is attached hereto as Exhibit
B and incorporated herein by reference. Contractor agrees to abide by the same.
3. The first paragraph of Section V (Indemnification and Insurance) shall be
modified as follows:
SECTION V. INDEMNIFICATION AND INSURANCE
Contractor agrees to obtain insurance and to indemnify the City for any
direct damage or injury to person, tangible, or intangible property or any
other third party claims which may directly arise from the Contractor's
conduct or performance of this Agreement, by either willful misconduct or
negligence; provided, however, that nothing contained in this Agreement
shall be construed as rendering the Contractor liable for acts of the City,
its officers, agents or employees. NEITHER PARTY WILL BE LIABLE
TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL,
CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR SPECIAL
Addendum No. 1 to Contract No. 24-2010
DAMAGES, INCLUDING LOST PROFITS, REGARDLESS OF THE
FORM OF THE ACTION OR THEORY OF RECOVERY, EVEN IF
THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
THOSE DAMAGES. For all claims against the CONTRACTOR under
this Contract and any related contract, and regardless of the basis on which
the claim is made, the CONTRACTOR's liability shall be limited in any
year to $25,000 in that year, provided that, in no event shall the
Contractor's aggregate liability over the term of the Contract exceed
$25,000
4. Both parties agree that in accordance with Indiana Code 22-5-1.7-1 et seq., all
service contracts entered into or renewed after June 30, 2011, must include the Indiana E-Verify
Program Requirements, which requirements are set forth and incorporated into Contract Number
24-2010 as follows:
SECTION X. COMPLIANCE WITH INDIANA E-VERIFY PROGRAM
REQUIREMENTS
Pursuant to Indiana Code 22-5-1.7, Contractor is required to enroll in and
verify the work eligibility status of all newly hired employees of the
contractor through the Indiana E-Verify program. Contractor is not
required to verify the work eligibility status of all newly hired employees
of the contractor through the Indiana E-Verify program if the Indiana E-
Verify program no longer exists. Prior to the performance of this
Agreement, Contractor shall provide to the City its signed Affidavit
affirming that Contractor does not knowingly employ an unauthorized
alien in accordance with IC 22-5-1.7-11 (a) (2). In the event Contractor
violates IC 22-5-1.7 the Contractor shall be required to remedy the
violation not later than thirty (30) days after the City notifies the
Contractor of the violation. If Contractor fails to remedy the violation
within the thirty (30) day period provided above, the City shall consider
the Contractor to be in breach of this Agreement and this Agreement will
be terminated. If the City determines that terminating this Agreement
would be detrimental to the public interest or public property, the City
may allow this Agreement to remain in effect until the City procures a
new contractor. If this Agreement is terminated under this section, then
pursuant to IC 22-5-1.7-13 (c) the Contractor will remain liable to the City
for actual damages.
5. City and Contractor expressly agree that all other terms, conditions, and
covenants contained in Contract No. 24-2010 shall be applicable to the work performed
pursuant to this Addendum, unless such terms, conditions, or covenants conflict with this
Addendum, in which case this Addendum shall be controlling.
(Signature page to follow.)
Addendum No. 1 to Contract No. 24-2010
IN WITNESS WHEREOF, the parties execute this Agreement on the dates indicated
below, and said Agreement shall be effective as of April 1, 2012.
"CITY"
THE CITY OF RICHMOND,
INDIANA by and through its
Board of Public Works and Safety
By:_S/S Vicki Robinson
Vicki Robinson, President
By:_S/S Dian Lawson
Dian Lawson, Member
By:_S/S Anthony L. Foster
Anthony L. Foster, 11, Member
Date: —Anthony L. Foster II
APPROVED:_S/S Sarah L. Hutton
Sarah L. Hutton, Mayor
Date: March 9. 2012
"CONTRACTOR"
JPMORGAN CHASE BANK, N.A.
1 East Ohio Street, Suite IN1-0045,
Indianapolis, Indiana 46277-0045
By:_S/S Sherry A. Dietzen
Sherry A. Dietzen, Vice President
Date: March 14, 2012
Addendum No. 1 to Contract No. 24-2010