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yr <br />A letter of credit in the amount of $50,000 shall be issued to <br />the Town of cover the amount of the policy deductible. <br />(The letter of credit shall be in a form and issued by <br />institution satisfactory to the Town of Chapel Hill Attorney) <br />3. Business Auto Policy: Shall provide for not less than a <br />combined single limit of $1,000,000 per occurrence for bodily <br />injury liability and property damage liability. This shall <br />apply to Code 1, any auto. <br />4. The Localities and the University of North Carolina at Chapel <br />Hill are to be named as additional insureds on the <br />Comprehensive General Liability policy. A certified copy of <br />endorsements naming the additional insureds shall be forwarded <br />to each of the additional insureds immediately upon the <br />signing of this agreement (endorsements must accompany the <br />return of this contract to localities). <br />5. Certificates of insurance on an Accord 25 (8/84) Form meeting <br />the required insurance provisions shall be forwarded to the <br />Town of Chapel Hill's Purchasing Agent. Wording on the <br />Certificate which states that no liability shall be imposed <br />upon the company for failure to provide such notice is not <br />acceptable. original policies or certified copies of policies <br />may be required by the Town at any time. <br />6. Hold Harmless <br />The Contractor agrees to protect, defend, indemnify and hold <br />harmless the Localities and the University from all loss, <br />liability, claims or expense (including reasonable attorneys' <br />fees) arising from bodily injury, including death or property <br />damage to any person or persons caused in whole or in part by <br />the negligence or willful misconduct of the contractor except <br />to the extent same are caused by the negligence or misconduct <br />of the Localities and University. <br />Section 2. Subject to the remaining provisions of the <br />Agreement, the Localities shall pay to Southern for the <br />satisfactory performance of its obligations under this agreement <br />the sum of seven thousand five hundred dollars ($7,500). <br />a.) The Localities shall pay to Southern the contract amount <br />upon receipt from Southern of an accurate invoice after the July 4 <br />celebration display. <br />b.) Southern may cancel the fireworks display because of <br />inclement weather as long as this determination is made reasonably <br />and in good faith at the UNC -CH campus site by Southern personnel <br />no earlier than (a.m. /p.m.) on July 4th. As indicated <br />above, if the display is cancelled pursuant to this subparagraph, <br />Southern may be paid by the Entities and amount not to exceed ten <br />