Reso 2022-3340 - Laserfiche WebLink

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4.5.5. Such bonds shall continue in effect for one (1) year after final payment becomes due except as otherwise provided by law or regulation or by the Contract Documents with the final sum of said bonds reduced after final payment to an amount equal to twenty five percent (25%) of the Contract Price, or an additional bond shall be conditioned that the Successful Proposer correct any defective or faulty work or material which appear within one (1) year after final completion of the Contract, upon notification by City. ALL BONDS MUST BE APPROVED BY THE CITY ATTORNEY. 4.5.6. Failure of the successful Proposer to execute a Contract, file any required Performance and Payment Bonds shall be just cause for the annulment of the award and the forfeiture of the RFP security to the City, which forfeiture shall be considered, not as a penalty, but as liquidation of damages sustained. 4.6 INSURANCE (Applicable if box checked): 0 To ensure the indemnification obligation contained above, Contractor shall, at a minimum, provide, pay for, and maintain in force at all times during the term of this Contract (unless otherwise provided), the insurance coverages Section. Each insurance policy shall clearly identify the foregoing indemnification as insured. 0 Such policy or policies shall be without any deductible amount unless otherwise noted in this Contract and shall be issued by approved companies of process may be made in Broward County, Florida. 0 Contractor shall pay all deductible amounts, if any. 0 Contractor shall specifically protect City by naming the City of Parkland and its Officers, Agents, Employees and Commission Members as additional insured under the Commercial Liability Policy as well as on any Excess Liability Policy coverage. ® Commercial Liability Insurance. A Commercial Liability Insurance Policy shall be provided which shall contain minimum limits of one million Dollars ($1,000,000.00) per occurrence combined single limit for bodily injury liability and property damage liability and shall contain minimum limits of two million Dollars ($2,000,000.00) per aggregate. Coverage must be afforded on a form no more restrictive than the latest edition of the Commercial Liability Policy, without restrictive endorsements, as filed by the Insurance Services Office and must include: • Premises and/or operations. • Independent Contractors. • Products and/or Completed Operations for contracts. • Broad Form Property Damage City of Parkland RFP 2021-03 Page 25