Common use of Standards of Performance; Fiduciary Duty Clause in Contracts

Standards of Performance; Fiduciary Duty. Contractor acknowledges that there is a relationship of trust and confidence between Contractor and City, and that Contractor has a fiduciary duty to City pursuant to this Agreement. Contractor shall use Contractor’s best skill and judgment in performing its duties and obligations hereunder, and shall at all times provide such Management Services in a manner that maintains the good name of City, perform its duties and obligations under this Agreement in an efficient, expeditious, prudent and economical manner, consistent with the best interest of City, in accordance with generally approved practices and standards followed by similarly-situated public sports domes in Minnesota.