All contracts by independent contractors shall either contain therein approximately the following terms and conditions or shall, as a result of their enactment, have such terms and conditions made a part thereof as if they were contained therein:
“The independent contractor hereby agrees:
(A) To comply with all laws, regulations and rules promulgated by any federal, state, county, municipal and/or other governmental unit or regulatory body now in effect, or which may be in effect during the performance of the work to which reference is made above. Included within the scope of the laws, regulations and rules referred to in this paragraph, but in nowise to operate as a limitation, are all forms of traffic regulations, public utility and Intrastate and Interstate Commerce Commission regulations, Workers’ Compensation Laws, the Social Security Act of the Federal Government and any of its titles, FEPC or FEOC statutory provisions and rules and regulations.
(B) To protect, indemnify, hold and save harmless and defend the village against any and all claims, costs, causes, actions and expenses, including but not limited to attorney’s fees incurred by reason of a lawsuit or claim for compensation arising in favor of any person, including the employees or officers of independent contractors or subcontractors of the first and second parties, on account of personal injuries or death, or damages to property occurring, growing out of, incident to, or resulting directly or indirectly from the performance by the independent contractor hereunder, whether such loss, damage, injury or liability is contributed to by the negligence of the village or by premises themselves or any equipment thereon whether latent or patent, or from other causes whatsoever, except that the independent contractor shall have no liability or damages or the costs incident thereto caused by the sole negligence of the village.
(C) To keep in force, to the satisfaction of the village, at all times during the performance of the work referred to above, public liability insurance and automobile liability insurance with bodily injury limits of not less than $500,000, and property damage insurance with limits of not less than $300,000. The independent contractor shall furnish proof of such insurance coverage and may be required to cause the village to be named as an additional insured prior to execution of any contract. The village may, in specific bid documents, require higher levels of insurance coverage. The independent contractor may seek to have the village waive this requirement of conventional insurance if it has established a self-insurance program supported by reasonable reserves.
(D) To furnish any affidavit or certificate, in connection with the work covered by this agreement as provided by law.
(E) To indemnify the village for any loss it may sustain by theft or other cause from the acts of negligence of the employees of the independent contractor or of the subcontractors.”