HomeMy WebLinkAbout109445 CONNELL RESOURCES INC - CONTRACT - BID - 5482 ASPHALT OVERLAY PROJECT 2000 (29).. �. -
ARTICLE 5—BONDS AND INSURANCE
Performance, Payment and Other Bonds:
5.1 CONTRACTOR shall furnish Performance and
Payment Bonds, each in an amount at least equal to the
Contract Pnce as security for the faithful performance and
payment of all CONTRACTOR's obligations under the
Contract Documents. These Bonds shall remain in effect
at least until one year after the date when final payment
becomes due, except as provided otherwise by Laws or
Regulations or by the Contract Documents.
CONTRACTOR shall also furnish such other Bonds as are
required by the Supplementary Conditions. All Bonds
shall be in the form prescribed by the Contract Documents
except as provided otherwise by Laws or Regulations and
shall be executed by such sureties as are named in the
current list of "Companies Holding Certificates of
Authority as Acceptable Sureties on Federal Bonds and as
Acceptable Reinsuring Compares" as published in
Circular 570 (amended) by the Audit Staff, Bureau of
Government Financial Operations, U.S. Treasury
Department All Bonds signed by an agent must be
accompanied by a certified copy of such agent's authority
to act.
52 If the surety on any Bond furnished by
CONTRACTOR is declared a bankrupt or becomes
insolvent or its right to do business is terminated in any
state where any part of the Project is located or it ceases
to meet the requirements of paragraph 5.1,
CONTRACTOR shall within ten days thereafter substitute
another Bond and surety, both of which must be
acceptable to OWNER.
5.3. Licensed Sureties and Insurers; Certificates of
Insurance:
5 3.L All Bonds and insurance required by the
Contract Documents to be purchased and maintained
by OWNER or CONTRACTOR shall be obtained
from surety or insurance companies that are duly
licensed or authorized in the jurisdiction in which the
Project is located to issue Bonds or insurance policies
for the limits and coverages so required Such surety
and insurance companies shall also meet such
additional requirements and qualifications as may be
provided in the Supplementary Conditions
5.3.2. CONTRACTOR shall deliver to OWNER,
with copies to each additional insured identified in the
Supplementary Conditions, certificates of insurance
(and other evidence of insurance requested by
OWNER or any other additional insured) which
CONTRACTOR is required to purchase and maintain
in accordance with paragraph 5.4. ^ 44F4Z--;},
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EJCDC GENERAL CONDITIONS 1910-S (1990 Edition)
w/ CITY OF FORT COLLINS MODIFICATIONS (REV 9/94)