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7.2 Insurance Requirements <br /> Liability Insurance: Contractor shall maintain general liability insurance coverage, in an <br /> amount not less than $1,000,000 per occurrence, $2,000,000 general aggregate and apply <br /> on a per project basis and include a waiver of subrogation. Contractor's insurance carrier <br /> must be rated at least an A minus by A.M. Best. <br /> Owner shall be named as an Additional Insured on a primary basis on Contractor's general <br /> liability policy. Additional Insured coverage shall include both work in progress (ongoing <br /> operations) and completed work (completed operations). Additional Insured status shall be <br /> provided on the CG2010 11/85 or its equivalent (combination of the CG2010 07/04 & <br /> CG2037 07/04). Additional Insured coverage shall be maintained for at least one year upon <br /> completion of the project. The General Aggregate on the Contractor's General Liability <br /> policy shall apply on a per project basis. Contractor's policy shall provide that Owner <br /> receive at least thirty (30) days written notice prior to cancellation, nonrenewal or alteration <br /> in the terms of the policy. Contractor shall provide to Owner a Certificate of Liability <br /> Insurance evidencing such coverage and provide replacement Certificates as needed. <br /> Indemnification: Contractor shall indemnify and hold Owner and Owner's customer <br /> harmless from any and all claims arising out of or relating to Contractor's Work or arising out <br /> of or relating to any act or omission of Contractor. Indemnification shall include all <br /> expenses, including, without limitation, attorney fees incurred by Owner and Owner's <br /> customer in the investigation or defense of a claim. Additionally, to the fullest extent allowed <br /> by law, Contractor agrees to purchase insurance providing for such indemnification. <br /> INSURANCE REQUIREMENTS— List OWNER as additional insured. <br /> Subcontractors shall procure and maintain, at its sole cost and expense, the insurance <br /> requirements listed above. <br /> 8. LIQUIDATED DAMAGES <br /> 8.1 The sum of Five Hundred and No/100 Dollars ($500.00) shall be deducted from any <br /> monies due the CONTRACTOR for each and every calendar day that the WORK remains <br /> uncompleted beyond the completion dates as established in these SPECIFICATIONS. The <br /> CONTRACTOR shall note that the liquidated damages shall pertain to each of the completion <br /> dates as specified in these SPECIFICATIONS. This deduction of monies shall not be assessed <br /> as a penalty, but rather as predetermined liquidated damages to be sustained by the OWNER. <br /> 9. PAYMENTS TO CONTRACTOR <br /> 9.1 The time required for the OWNER shall be revised to require the OWNER to make <br /> payment on the approved partial and final payment estimates within thirty (30) days of the <br /> approved City of Orono resolution reducing the financial guarantee that is in force guaranteeing <br /> said work to the City. The amount of each payment to the CONTRACTOR shall not exceed <br /> each reduction approved by the City of Orono for work completed. These reductions will be <br /> scheduled for approval at the City of Orono Council meetings convening each month. A five <br /> (5%) percent retainage will be held on all work completed until all or a portion of the work has <br /> been accepted, and the financial guarantee is reduced to zero (0) by the City of Orono. <br /> 10. WORKMANSHIP AND CLEANUP <br /> SP-3 <br />