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<br />beginning any of the services or work called for by any term of this Agreement. At the option <br />of the City, either: the insurer shall reduce or eliminate such deductibles or self-insured <br />retentions as respects the City, its officers, employees, and volunteers; or the Subrecipient <br />shall provide a financial guarantee satisfactory to the City guaranteeing payment of losses and <br />related investigations, claim administration and defense expenses. <br /> <br />6.5.4 Wasting Policies. No policy required by this Section 6 shall include a “wasting” <br />policy limit (i.e. limit that is eroded by the cost of defense). <br /> <br />6.5.5 Endorsement Requirements. Each insurance policy required by Section 6 <br />shall be endorsed to state that coverage shall not be canceled by either party, except after 30 <br />days’ prior written notice has been provided to the City. <br /> <br />6.5.6 Subcontractors. Subrecipient shall include all subcontractors as insureds <br />under its policies or shall furnish separate certificates and certified endorsements for each <br />subcontractor. All coverages for subcontractors shall be subject to all of the requirements <br />stated herein. <br /> <br />6.6 Submittal of Proof of Insurance Coverage. All certificates of insurance and <br />original endorsements effecting coverage required in this Section 6 must be electronically <br />submitted through the City’s online insurance document management program, PINS <br />Advantage. Contractor shall comply with all requirements provided by City related to the PINS <br />Advantage program. <br /> <br />6.7 Remedies. In addition to any other remedies City may have if Subrecipient <br />fails to provide or maintain any insurance policies or policy endorsements to the extent and <br />within the time herein required, City may, at its sole option exercise any of the following <br />remedies, which are alternatives to other remedies City may have and are not the exclusive <br />remedy for Subrecipient’s breach: <br /> <br /> a. Obtain such insurance and deduct and retain the amount of the <br />premiums for such insurance from any sums due under the Agreement; <br /> <br /> b. Order Subrecipient to stop work under this Agreement or withhold any <br />payment that becomes due to Subrecipient hereunder, or both stop work and withhold any <br />payment, until Subrecipient demonstrates compliance with the requirements hereof; and/or <br /> <br /> c. Terminate this Agreement. <br /> <br />7.0 ADMINISTRATIVE REQUIREMENTS <br /> <br />7.1 Financial Management. <br /> <br />a. Accounting Standards. The Subrecipient agrees to comply with 24 <br />CFR Part 84 and agrees to adhere to the accounting principles and procedures required <br />therein, utilize adequate internal controls, and maintain necessary source documentation for <br />all costs incurred. <br /> <br />b. Cost Principles. The Subrecipient shall administer its program in <br />conformance with OMB Circulars A-122, "Cost Principles for Non-Profit Organizations," or A- <br />21, "Cost Principles for Educational Institutions," as applicable for all costs incurred whether <br />charged on a direct or indirect basis. <br /> <br />143