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<br />00700 - 9/38 <br />ARTICLE 5 -- BONDS AND INSURANCE <br /> <br />5.1 PERFORMANCE AND OTHER BONDS <br /> <br />A. The CONTRACTOR shall furnish Performance and Payment Bonds, each in the <br />amount set forth in the Supplementary General Conditions as security for the <br />faithful performance and payment of all the CONTRACTOR's obligations under <br />the Contract Documents. The Performance Bond shall remain in effect at least <br />until one year after the date of Substantial Completion/Notice of Completion as <br />applicable, except as otherwise provided by Law or Regulation or by the Contract <br />Documents; provided, that the amount of said Performance Bond may be <br />reduced to twenty-five (25) percent of the Contract Price, or $1,000, whichever is <br />greater or as greater as stated in the Supplemental General Conditions. The <br />CONTRACTOR shall also furnish such other Bonds as are required by the <br />Supplementary General Conditions. <br /> <br />B. If the surety on any Bond furnished by the CONTRACTOR is declared a bankrupt <br />or becomes insolvent or its right to do business is terminated in any state where <br />any part of the Work is located, the CONTRACTOR shall within seven (7) days <br />thereafter substitute another Bond and Surety, which must be acceptable to the <br />OWNER. <br /> <br />5.2 INSURANCE <br /> <br />A. The CONTRACTOR shall purchase and maintain the insurance required under <br />this Paragraph. Such insurance shall include the specific coverages set out <br />herein and be written for not less than the limits of liability and coverages <br />provided in the Supplementary General Conditions, or required by law, whichever <br />are greater. All insurance shall be maintained continuously during the life of the <br />Agreement up to the date of Substantial Completion/Notice of Completion as <br />applicable, pursuant to acceptance of the Work by the OWNER's governing <br />body, but the CONTRACTOR's liabilities under this Agreement shall not be <br />deemed limited in any way to the insurance coverage required. <br /> <br />B. The CONTRACTOR shall furnish the OWNER with certificates showing the type, <br />amount, class of operations covered, effective dates and dates of expiration of <br />policies. All of the policies of insurance so required to be purchased and <br />maintained (or the certificates or other evidence thereof) shall contain a provision <br />or endorsement that the coverage afforded will not be cancelled, materially <br />changed, or renewal refused until at least thirty (30) days prior written notice has <br />been given to the OWNER by certified mail. All such insurance shall remain in <br />effect until date of Substantial Completion and at all times thereafter when the <br />CONTRACTOR may be correcting, removing, or replacing defective Work in <br />accordance with Paragraph 13.6. In addition, the insurance required herein shall <br />name the OWNER, the ENGINEER, and their officers, directors, agents, and <br />employees as "additional insureds" under the policies. <br /> <br />1. Workers' Compensation and Employer's Liability: This insurance shall <br />protect the CONTRACTOR against all claims under applicable state <br />workers' compensation laws. The CONTRACTOR shall also be protected <br />against claims for injury, disease, or death of employees which, for any <br />reason, may not fall within the provisions of a workers' compensation law.