2008-11-10 Regular Meeting, Public Hearing and Workshop Meeting of the La Porte City Council

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T:h !' 1 shall 1 d a ^ge . ffie meet the ablig A c. _ etion 3.'� "�r�--997,A. Provide a "Performance Bond" and a "Labor and Material Pay.ment Bond", each in a penal sum equal to 100% of Contract Sum. Bond forms shall be compatible with provisions of governing authorities. File copies of bonds with County Clerk and present Owner with a file receipt. B. Don not commence the Work until bonds and issuing companies have been accepted as satisfactory by the Owner. C. Deliver original bonds to Owner with authorized power -of -attorney. D. Bonds shall remain in force for and until one year after Substantial Completion of the Contract § 8.1.3 Automobile Liability (owned, non -owned and hired vehicles) for bodily injury and property damage: amage shall be as set forth in Exhibit A to this Agreement and as may be further defined in Article 1 i of the General Conditions of the Contract § 8.1.4 Other coverage: Construction Manager shall include All Risk Policy with Windstorm and Hail coverage for 100% value of any structure through out the Project. Coverage shall be as set forth in Exhibit A to this Agreement and as may be further defined in Article 11 of the General Conditions of the Contract PAGE 21 Dtff4ng both phases of the Pfejec4, the Qwne+ shall pufehase and maintain liability and pr-ep" ifisufaFfee, ine1u4iffg not less than the felleA4 limits, or- gFeatef if r-eqt&ed by :In its discretion. the Owner may purchase and maintain its usual liability and property insurance to protect Owner as may cover its Property under the Umbrella policies. Owner's decision to purchase insurance shall not alter or change the primary coverage status of the insurance provided by the Construction Manager. § 8.3 PERFORMANCE BOND AND PAYMENT BOND § 8.3.1 The Eeesa%uetien Manager (Iasert "shag" of "shall "`��gonstruction Manager shall furnish payment and performance bonds covering faithful performance of the Contract and payment of ebligatiens arising thereundef. 13an 1. fffay be obtained .1 gh the `' n Ma _usual soufee—,obligation arising thereunder. Payment and performance bonds shall be in separate instruments Bonds may be obtained from an insurance companv licensed t do business in the State of Texas and for bond amounts that exceed $100 000 that hold a certificate of authority from the U.S. Secretary of the Treasury or reinsurance for liability in excess of $100 000 from a reinsures authorized and admitted as a reinsurer in the State of Texas and that is a holder of a certificate of authority from the U.S. Secretary of the Treasury to qualify as a surety or reinsurer on obligations permitted or required under federal law and the cost thereof shall be included in the Cost of the Work. The amount of each bond shall be equal to ( ) ofthe Coatm -the Guaranteed Maximum Price. If a fixed contract amount or Guaranteed Maximum Price has not vet been determine at the time this Contract is awarded then the penal sums of the payment and performance bonds delivered to the Owner must each be in an amount equal to the project budget as specified in the Request for Proposal or Qualifications The Construction Manager shall deliver the bonds no later than the tenth (10'') day after the date the Construction Manager executes the Contract unless the Construction Manager furnishes a bid bond or other financial security acceptable to the Owner to ensure that the Construction Manager will furnish the required payment and performance bonds when a Guaranteed Maximum Price is established. Additions and Deletions Report for AIA Document A121 TMCNIc — 2003 and AGC Document 565. Copyright© 1991 and 2003 by The American Institute of Architects and The Associated General Contractors of America. All rights reserved. WARNING: This document is protected by U.S. Copyright Law and 19 International Treaties. Unauthorized reproduction or distribution of this document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 16:02:34 on 12/01 /2008 under Order No.1000375455_1 which expires on 10/20/2009, and is not for resale. User Notes: (4283007293)