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<br />6.18 <br />Page 16 <br /> <br />15. SUPPLIER'S INSURANCE: Supplier shall obtain and maintain in full force and <br />effect, during the life of this contract, Workmen's Compensation Insurance covering <br />all employees employed in performance of work under this Contract. <br /> <br />16. TERM OF AGREEMENT: The purchase agreement shall cover one (1) fiscal year <br />period from approximately September 1, 2008 through August 3D, 2009. This <br />contract can be extended by the City for up to four (4) consecutive years at the <br />discretion and approval of the City. If it is extended, the agreement shall be <br />amended at the beginning of each new fiscal year to modify the base bid item unit <br />prices by up to a five (5) percent maximum increase. The amount of the increase <br />shall be determined by the one-year average of the Consumers Price Index (San <br />Francisco I Oakland I San Jose) for the month ending in May of the current contract <br />year. During the term of the agreement and subsequent amendments, extreme <br />asphalt price fluctuations shall be adjusted using the Asphalt Price Adjustment <br />process in the agreement, and shall not change the base bid prices. <br /> <br />14 <br />