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Article 4. Compensation The City of Batesville will pay the contractor the sum of$223,697.00 in full payment for the work as set forth in this Agreement. There is to be a$50,000.00 down payment with the balance to be paid out in progress payments in direct correlation with work being completed. Article 5. General Provisions 1. Any additional work or services shall be agreed to in writing, signed by both parties. 2. The contractor shall obtain and maintain any licenses necessary for the work to be performed. The Contractor shall obtain and maintain any required insurance including but not limited to workers' compensation insurance,to cover the Contractor's employees and agents. 3. Pursuant to Arkansas Code 18-44-503, the Contractor will be required to obtain a Payment Bond in a sum equal to the amount of the public construction contract. 4. The Contractor shall be responsible for the payment of any sub-contractors and shall obtain lien releases from sub-contractors as may be necessary. The Contractor agrees to indemnify and hold harmless the City of Batesville from any claims or liability arising out of the work performed by the Contractor under this Agreement. 5. This Agreement, including any attached exhibits and addenda,constitutes the-entire' agreement of the parties. No representations or promises have been made except those that are set out in this agreement. This agreement may not be modified except in writing and signed by all parties. 6. This agreement shall be governed by the laws of Independence County and the State of Arkansas. 7. Contractor shall at its own expense obtain all permits necessary for the work to be performed. 8. Contractor agrees to remove all debris from work site upon completion.- 9. Contractor shall warranty all work for a period of 12 months following completion. 2 Builard Construction Agreement / East .Main Concession