Reso 2016-2525 - Laserfiche WebLink

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reduced to twenty-five (25) percent of the Contract Price, or $1,000, whichever is greater or as greater as stated in the Supplemental General Conditions. The CONTRACTOR shall also furnish such other Bonds as are required by the Supplementary General Conditions. B. If the surety on any Bond furnished by the CONTRACTOR is declared a bankrupt or becomes insolvent or its right to do business is terminated in any state where any part of the Work is located, the CONTRACTOR shall within seven (7) days thereafter substitute another Bond and Surety, which must be acceptable to the OWNER. 5.2 INSURANCE A. The CONTRACTOR shall purchase and maintain the insurance required under this Paragraph. Such insurance shall include the specific coverages set out herein and be written for not less than the limits of liability and coverages provided in the Supplementary General Conditions, or required by law, whichever are greater. All insurance shall be maintained continuously during the life of the Agreement up to the date of Substantial Completion/Notice of Completion as applicable, pursuant to acceptance of the Work by the OWNER's governing body, but the CONTRACTOR's liabilities under this Agreement shall not be deemed limited in any way to the insurance coverage required. B. The CONTRACTOR shall furnish the OWNER with certificates showing the type, amount, class of operations covered, effective dates and dates of expiration of policies. All of the policies of insurance so required to be purchased and maintained (or the certificates or other evidence thereof) shall contain a provision or endorsement that the coverage afforded will not be cancelled, materially changed, or renewal refused until at least thirty (30) days prior written notice has been given to the OWNER by certified mail. All such insurance shall remain in effect until date of Substantial Completion and at all times thereafter when the CONTRACTOR may be correcting, removing, or replacing defective Work in accordance with Paragraph 13.6. In addition, the insurance required herein shall name the OWNER, the ENGINEER OF RECORD, and their officers, directors, agents, and employees as "additional insureds" under the policies. 1. Workers' Compensation and Employer's Liability: This insurance shall protect the CONTRACTOR against all claims under applicable state workers' compensation laws. The CONTRACTOR shall also be protected against claims for injury, disease, or death of employees which, for any reason, may not fall within the provisions of a workers' compensation law. This policy shall include an "all states" endorsement. The CONTRACTOR shall require each subcontractor similarly to provide Workers' Compensation Insurance for all of the latter's employees to be engaged in such Work unless such employees are covered by the protection afforded by the CONTRACTOR's Workers' Compensation Insurance. In case any class of employees is not protected, under the Workers' Compensation Statute, the CONTRACTOR shall provide and shall cause each subcontractor to provide adequate employer's liability insurance for the protection of such of its employees as are not otherwise protected. 00700-9/39 r " d J