Declaration of Value. The City and the artist have agreed on the stated value of the artwork as provided in this agreement. If either the City or the artist believes that the value of the artwork has increased or decreased at any time during the term of the agreement, the party requesting the value adjustment shall, at that party's sole expense, obtain an independent appraisal from an accredited appraiser who is accredited by any of the following three organizations: American Society of Appraisers (ASA); Appraisers Association of America (AAA); or Appraisal Foundation (AF). Lacking said appraisal, the value of the artwork shall remain as stated in the agreement for the duration of the agreement.
Assurance and Indemnity. The City of Ocala shall indemnify Exhibitor for the risk of damage to, or loss incurred to the specified art piece during the period of the Exhibition. The City shall pay for losses against the estimated value of the artwork, not to exceed a maximum claim of $15,000, when a valid and documented claim is submitted to the City by the Exhibitor. Exhibitor shall be responsible for any loss in excess of the estimated value, and is responsible for obtaining any insurance in excess of that amount the Exhibitor may desire to obtain during the Exhibition.
Photographing Artwork. The City of Ocala reserves the right to photograph any artwork and/or the artist for documentation, education, and publicity purposes without additional compensation.