A Enterprise Banking Services Contract Document 2021.pdf

This is a Contract for Enterprise Banking Services (Contract No. 505ENT-M21-ENTBANKING-01) between the State of Wisconsin Department of Administration and U.S. Bank National Association. The contract was executed on July 8, 2020 by Chris Patton, Deputy Secretary for the State of Wisconsin, and on June 30, 2020 by Teresa McBride, Senior Vice President for U.S. Bank National Association. The agreement is governed by Wisconsin state law with venue in Madison, Dane County, Wisconsin.

The contract establishes a five-year term for enterprise banking services with eligibility for two-year renewals unless terminated. The services encompass comprehensive banking solutions including merchant processing through Elavon, Inc., a wholly owned subsidiary of U.S. Bank. Payment terms specify that the State will pay properly-submitted invoices within thirty days of receipt, with late payment penalties applicable under Wisconsin Statutes if payment is delayed. The contract includes standard termination provisions allowing either party to terminate for cause with thirty days' notice or for convenience with sixty days' notice from the State and ninety days' notice from the contractor. Required insurance coverage includes worker's compensation, commercial liability with minimum $1 million coverage for bodily injury and property damage, and motor vehicle insurance with $1 million combined single limit coverage.