Common use of Procurement of professional services Clause in Contracts

Procurement of professional services. The Governing Board may procure the services of the Administrator, the Investment Consultant, a Custodian, the Marketing Agent, independent accountants, legal counsel and such other professionals and specialists as it deems necessary, desirable and appropriate to assist the Governing Board in executing its powers and fulfilling its responsibilities under the terms of this Agreement, provided that (i) such professionals or specialists shall meet all qualifications deemed appropriate by the Governing Board, (ii) the procurement of such professionals or specialists shall be made in compliance with the applicable provisions, if any, of Section 104-b of the GML subject to a request for proposals at least once every three (3) years, unless such applicable provisions are waived by the Governing Board upon the receipt of an opinion of legal counsel that such waiver is permitted by the Laws, (iii) any agreements with such professionals or specialists ensure compliance with Section 10 and Section 11 of the GML, in the judgment of the Governing Board, and (iv) the charges, fees and other compensation for any such professionals or specialists shall be clearly stated in written service contracts.