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[] 1. Contractor, agrees to provide evidence of sufficient insurance in force covering gener<ll public liability and structure insurance for this project <lnd to hold City harmless from <lny claim or leg<ll <lction arising from damages and injuries to persons or property resulting [rom \york, operations and activities performed under this contract. I IV, Contractor <lgrees to provide evidence of Workman's Compensation insurance coverage for all employees of Contractor prior to proceeding on project construction. V. Contractor agrees to provide evidence of a valid performance bond in the penal sum of Sixty Three Thousand, One Hundred Forty Three and no/lOO dollars (.$63,1'13.00) <lnd il valid p<lyment bonu in s<lid s<lme ilmount, pursuilnt to the provisions of Article 5160, V.A,C.S. VI, Contractor agrees to ensure that employees anu applicants for employmen~ on saiu project are not discriminated against because of I thei r race, color, religion, sex, or national origin. VI1. Pursu;:lI1t to the competitive biu submitted to City by Contractor, City hereby agrees to compensate Contractor in the amount of .Sixl)" Three Thousand, One Hundred Forty Three and no/lOO dollars ($63,143.00) for the timely, proper and faithful completion of said T-Hangar Structure by Contractor pursuant to the terms and specifications of this contract. City further agrees to the follo"ing partial paymonl schedule: 20% of taUt.! ta be paid to Contractor upon satisfilctory completion of foundation. 40% of totill to be p<lid to Contr<lctor upon arrival of steel ~o~k and other structure materials at the job site. I 40'6 of total less any liquidated damages ,,:ithheld to he paid to Contractor upon final satisfactory completion of the building.