Agenda - Council - 12/10/2013 - Laserfiche WebLink

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Add the following Paragraphs: 11.1.5 Approval of the insurance by the Owner or Architect shall not relieve or decrease the Liability of the Contractors hereunder. It is to be understood that the Owner or Architect do not in any way represent that the insurance or the limits of insurance specified in these articles are sufficient or adequate to protect the contractors' interests or liabilities, but are merely minimums Furnish Certificates of Insurance which specifically set forth evidence of all coverage required of the Contractor, on form AIA G705, attached. Furnish to the Owner copies of all endorsements that are subsequently issued amending coverage or limits. 11.1.6 Prior to award, the Contractor shall file a complete "Package" of certificate insurance signed by the insurer or certified copies of all insurance policies with the Owner. None of this insurance required hereunder shall be canceled, changed, or allowed to lapse until the Contract has been completed and the work accepted. In the event of cancellation, change or expiration, thirty (30) days' notice shall be given the Owner and other insured parties by the insurance company or companies validated by an authorized representative of the insurer. Each policy of insurance shall contain the clause: "In the event of cancellation or expiration of the policy or of any change in the policy of any nature, thirty (30) days' advance written notice will be sent to the Owner." No work under the Contract will be started until insurance certificates or policies have been field. 11.1.7 Where special or unusual hazards peculiar to this Project are foreseeable, the Contractor shall take such steps as are necessary to insure themselves against the hazards and be responsible for any damage, including water, which results from the occurrence of the hazards in connection with this Project. PARAGRAPH 11.3 Paragraph 11.3.1 is amended by adding three additional sentences as follows: "Unless otherwise provided, all property insurance purchased under Part 11.3 shall have a deductible limit of no greater than $5,000. The Owner and Contractors each will assume their own losses under the deductible. The Contractors' tools and equipment shall be their responsibility. PARAGRAPH 11.4 Delete Paragraph 11.4.2 and substitute the following Paragraph: 11.4.2 The Contractor shall furnish a Performance Bond and Labor and Material Payment Bond meeting all statutory requirements of the State of Minnesota, in form and substance satisfactory to the Owner and, without limitation, complying with the following specific requirements: .1 Except as otherwise required by statute, the form and substance of such bonds shall be satisfactory to the Owner in the Owner's sole judgment; .2 Bonds shall be executed by a responsible surety licensed in Minnesota, with a Best's rating of no less than A/XII and shall remain in effect for period of not less than two (2) years following the date of Substantial Completion or the time required to resolve any items of incomplete Work and the payment of any disputed amounts, whichever time period is longer; .3 The Performance Bond and the Labor and Material Payment Bond shall each be in an amount equal to the Contract Sum, less any sum for materials purchased directly or furnished by the Owner; .4 The Contractor shall require the attorney in fact who executes the required bonds on behalf of the surety to affix thereto a certified and current copy of his power of attorney indicated the monetary limit of such power; SUPPLEMENTARY CONDITIONS 00800-8