Agenda - Council - 08/23/2016 - Laserfiche WebLink

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ARTICLE 5—BONDS AND INSURANCE and coverages so required. Such surety and insurance companies shall also meet such 5.01 Performance,Payment, and Other Bonds additional requirements and qualifications as may be provided in the Supplementary A. Contractor shall furnish performance and Conditions. payment bonds, each in an amount at least equal to the Contract Price as security for the 5.03 Certificates oflnsurance faithfi l performance and payment of all of Contractor's obligations under the Contract A. Contractor shall deliver to Owner,with copies Documents. These bonds shall remain in to each additional insured identified in the effect until one year after the date when final Supplementary Conditions, certificates of payment becomes due or until completion of insurance (and other evidence of insurance the correction period specified in Paragraph requested by Owner or any other additional 13.07, whichever is later, except as provided insured) which Contractor is required to otherwise by Laws or Regulations or by the purchase and maintain. Contract Documents. Contractor shall also furnish such other bonds as are required by B. Owner shall deliver to Contractor,with copies the Contract Documents. to each additional insured identified in the Supplementary Conditions, certificates of B. All bonds shall be in the form prescribed by insurance (and other evidence of insurance the Contract Documents except as provided requested by Contractor or any other otherwise by Laws or Regulations, and shall additional insured) which Owner is required be executed by such sureties as are named in to purchase and maintain. the current list of "Companies Holding Certificates of Authority as Acceptable 5.04 Contractor's Liability Insurance Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in A. Contractor shall purchase and maintain such Circular 570 (amended) by the Financial liability and other insurance as is appropriate Management Service, Surety Bond Branch, for the Work being performed and as will U.S. Department of the Treasury. All bonds provide protection from claims set forth signed by an agent must be accompanied by a below which may arise out of or result from certified copy of the agent's authority to act. Contractor's performance of the Work and Contractor's other obligations under the C. If the surety on any bond furnished by Contract Documents, whether it is to be Contractor is declared bankrupt or becomes performed by Contractor, any Subcontractor insolvent or its right to do business is or Supplier, or by anyone directly or terminated in any state where any part of the indirectly employed by any of them to Project is located or it ceases to meet the perform any of the Work, or by anyone for requirements of Paragraph 5.01.13,Contractor whose acts any of them may be liable: shall promptly notify Owner and Engineer and shall, within 20 days after the event giving I. claims under workers' compensation, rise to such notification,provide another bond disability benefits, and other similar and surety, both of which shall comply with employee benefit acts; the requirements of Paragraphs 5.01.13 and 5.02. 2. claims for damages because of bodily injury, occupational sickness or disease, 5.02 Licensed Sureties and Insurers or death of Contractor's employees; A. All bonds and insurance required by the 3. claims for damages because of bodily Contract Documents to be purchased and injury, sickness or disease, or death of maintained by Owner or Contractor shall be any person other than Contractor's obtained from surety or insurance companies employees; that are duly licensed or authorized in the jurisdiction in which the Project is located to issue bonds or insurance policies for the limits Standard General Conditions 00 72 00-13