2384-13 Chptr 5-Subchapter 33-Shop Local Rewards Prgm.pdf

5 policies shall provide coverage for a sum of not less than $1,000,000 against loss by reason of general commercial liability, not less than $250,000 to satisfy any claim for damages to property negligently caused by the Applicant, and not less than $2,000,000 in the aggregate. Applicant shall also be required to maintain in force, for the duration of the licensing period, insurance policies for workers compensation coverage for its employees, officers, agents, and/or partners, as required by applicable workers compensation laws, and shall provide a Certificate of Insurance to the Township to evidence such coverage. The Applicant must provide a current Certificate of Insurance listing the Township as an additional insured. All insurance must cover any acts of defalcation of Township funds. b. Indemnification. The Applicant shall 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. 5-33.10 Fiduciary Policy Requirement a. Fiduciary Policy Required. 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. The amount required for the Fiduciary Policy may be amended from time to time by Resolution of the Township Council. b. Amendments to Fiduciary Policy. The Township specifically reserves the right to require changes to the fiduciary policy amount during a license term, based upon the volume and amounts of sales transactions. The type of guarantee may be substituted with another form of security acceptable to the Township, at the discretion of the Township Council. 5-33.11 Timing and Reporting a. Weekly Deposits Required. A Licensee under this Chapter must 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. A Licensee shall hold in trust and every week shall

ected 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. A Licensee shall hold in trust and every week shall 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. The cost of the wire transfer, if any, shall be the responsibility of the Applicant. b. Quarterly Reporting Required. Along with the weekly deposits required under this subsection, within ten (10) business days of the expiration of each calendar quarter, a Licensee shall provide a report to the Township’s Chief Financial Officer, which must be certified and provide the following information: (i) name of Taxpayer Consumer; (ii) amount of funds collected; and (iii) the address and/or Block and Lot number of the Township property which should be credited, if any. c. 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, including but not limited to tenants, renters, non-resident employees, visitors, or other such individuals authorized to