In all contractual relationships it shall be the general practice of the City to transfer to others, to the extent legally and financially possible, all risk of loss from chance events resulting from the relationship of the contracting parties. However, before contractually transferring a risk to another party, that party’s ability to assume the risk and control the loss, and the traditions of the parties and industry involved, as well as their financial worth shall be considered. In any event, all contractual agreements providing for any service, construction, leasing of real or personal property or other such agreements shall be reviewed by the City Attorney and the Risk Manager, or their designees, to determine whether the City is legally and adequately protected against financial loss assumptions. (Ord. 22-19 § 2, 2022; Ord. 89-98 § 1, 1989.)