14,
15.
16.
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22,
spent must be approved in writing by Fiscal Agent before implementation. Sponsored
Organization acknowledges and agrees that Fiscal Agent shall have no duty to use Fiscal Agent
funds to pay expenses related to Sponsored Organization’s operations.
As compensation for the services provided by Fiscal Agent under this Agreement, Fiscal Agent
shall be entitled to receive two percent (2%) of all income received up to a lifetime maximum of
Forty Thousand Dollars ($40,000.00) by Fiscal Agent on behalf of the Project , such 2% to be
paid from the Account to Fiscal Agent quarterly.
The Sponsored Organization designates Tim Cummings, Director of Economic Development to
act as Authorizing Official. The Authorizing Official shall act as principal coordinator of the
Project’s daily business with the Fiscal Agent, and shall have authority to sign disbursement
requests to be submitted to the Fiscal Agent.
The Fiscal Agent and Sponsored Organization will maintain all financial records relating to the
Project according to generally accepted accounting principles, retain records as long as required
by law, and make records available to auditors as required by law.
The Fiscal Agent and the Sponsored Organization will reflect the activities of the Project, to the
extent required, on their state and federal government tax returns and financial reports. All
disbursements from an the Account shall be treated as payments made to or on behalf of
the Sponsored Organization to accomplish the purposes of the Project. The Sponsored
Organization will provide the Fiscal Agent with proper documentation to accomplish this,
including furnishing the Fiscal Agent with the Sponsored Organization’s Federal Employer
Identification Number.
The Sponsored Organization will give proper credit to the Fiscal Agent in all publicity and
marketing as decided upon in a case by case basis with the Chair of City Arts Nashua.
The Sponsored Organization retains all assets both tangible and intangible in nature. The Fiscal
Agent acknowledges and waives any ownership of assets acquired during the duration of this
Project and this Agreement.
Sponsored Organization shall indemnify, defend and hold harmless Fiscal Agent and its
employees, officers, directors, successors and assigns (“Indemnified Parties”) from and against
any and all liability that may be incurred by Fiscal Agent arising from Fiscal Agent’s acting as
sponsor under this Agreement, except to the extent arising from the Indemnified Parties own
negligence, willful misconduct or breach of the terms of this Agreement. This indemnity shall
include all reasonable costs of collection, including reasonable attorneys’ fees, but shall be
limited to the amount of funds held by or due to Fiscal Agent from the Sponsored Organization’s
Account under this Agreement.
This Agreement shall expire one year after its execution unless it is agreed to by mutual written
consent of both parties to extend.
Either party may terminate this Agreement by giving 60 days written notice to the other party.
The other party shall not have the right to prevent termination, but legal and funding requirements
