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CITY OF TRACY — OFFSITE IMPROVEMENT AGREEMENT OFF-SITE DETENTION BASIN 3A PUBLIC IMPROVEMENTS Page 6 of 14 requirement, any material change in the policy before the expiration shall be considered a cancellation. Developer shall immediately obtain a replacement policy. 6.8. Authorized Insurers. All insurance companies providing coverage to Developer shall be insurance organizations authorized by the Insurance Commissioner of the State of California to transact the business of insurance in the State of California, with an AM Best rating of at least A-: VI I. 6.9. Insurance Certificate. Developer shall provide evidence of compliance with the commercial general liability insurance and automobile insurance requirements listed above by providing a certificate of insurance and endorsements, in a form satisfactory to the City Attorney before the City executes this Agreement. 6.10. Substitute Certificates. On or before the policy expiration date of any insurance policy required by this Agreement, Developer shall provide a substitute certificate of insurance. 6.11. Developer's Obligation. Maintenance of insurance by Developer as specified in this Agreement shall in no way be interpreted as relieving Developer of any responsibility whatsoever (including indemnity obligations under this Agreement), and Developer may carry, at its own expense, such additional insurance as it deems necessary. 7. Independent Contractor Status. Developer is an independent contractor and is solely responsible for all acts of its employees, agents, or subcontractors, including any negligent acts or omissions. Developer is not City's employee and Developer shall have no authority, express or implied, to act on behalf of the City as an agent, or to bind the City to any obligation whatsoever, unless the City provides prior written authorization to Developer. 8. Default 8.1 . Notice of Default. In the event that Developer is in default of this Agreement, as defined in this section, the City Engineer shall provide written notice to Developer and Developer's surety (if any) in which the default is described. 8.2. Developer shall be in default of this Agreement if the City Engineer determines that any one of the following conditions exist (which conditions are not intended to constitute the exclusive bases for default): 8.2.1. Developer is insolvent, bankrupt, or makes a general assignment for the benefit of its creditors.