2384-13 License Application - Final.pdf

Weekly Payments to Township by Applicant The Applicant agrees to maintain a dedicated bank account for funds received in connection with the Shop Local Program, unless the Taxpayer Consumer’s property tax credit funds will be immediately directed to and held in the Township’s own FDIC insured dedicated bank account, in which case the Administrator need not establish such a bank account. The Applicant agrees to hold in trust and/or turn over all funds collected from the Shop Local Program on behalf of Taxpayer Consumers, via electronic transfer, to the Township’s dedicated bank account, on a weekly basis. Payments to Tenants and Non-Residents It will be the Licensee’s sole responsibility to hold in trust and remit any and all monies to be paid as rebates to Taxpayer Consumers who do not pay property taxes to the Township. This includes, but is not necessarily limited to, tenants, renters, non-resident employees, visitors, or other such individuals authorized to participate and register in the Shop Local Program. Insurance Requirements, and Indemnification and Hold Harmless As more fully set forth in the Ordinance, Applicant shall be required to obtain and provide proof of commercial/general liability insurance in the amounts stated in the Ordinance, and workers’ compensation coverage insurance as well. The Applicant also agrees to indemnify, defend, and hold harmless the Township, its officers, agents and employees, from any and all claims, actions, liability or costs, including reasonable attorneys’ fees and other costs of defense, in connection with, arising out of, or in any way related to the negligence of the Applicant, or its agents or employees, in the administration of the Shop Local Program. Fiduciary Requirement As more fully set forth in Section 5-33.10 of the Ordinance, the Applicant shall provide to the Township, in lieu of a cash or other bond, proof of a valid fiduciary policy naming the Township as a loss payee in the amount of $50,000, which amount may be amended from time to time by Resolution of the Township Council. Termination of Program Applicant shall provide at least ninety (90) days’ written notice to Participating Merchants, Taxpayer Consumers and the Township in the event the Shop Local Program shall be terminated for any reason. In the event of termination, Applicant will be responsible

otice to Participating Merchants, Taxpayer Consumers and the Township in the event the Shop Local Program shall be terminated for any reason. In the event of termination, Applicant will be responsible for transmitting a final data file and bank wire transfer accounting for all outstanding credits or rebates applicable to Taxpayer Consumers. The Bond Guarantee and/or Fiduciary Policy may be released following a final accounting of all gross revenues and outstanding tax credits, which may be independently audited at the request of the Township and at the sole cost and expense of the Applicant.