BONDS AND INSURANCE. 10.1 The Contractor shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the UTUGCs. The penal sum of the payment and performance bonds shall be equal to the Contract Sum.
10.2 The Contractor shall not commence work under the Agreement until it has obtained all insurance coverage as required by the UTUGCs and until evidence of the required insurance has been reviewed and approved by the Owner. Owner’s review of the insurance shall not relieve nor decrease the liability of the Contractor.
10.3 In the event that the Owner does implement an Owner Controlled Insurance Program (OCIP) for this Project, the Contractor shall refer to the OCIP specification for a complete listing of coverages provided by the OCIP. Any coverages required by the UTUGCs that is not provided through the OCIP shall be provided by the Contractor.
BONDS AND INSURANCE. 17.1 Upon execution of this Agreement, Contractor shall provide a security bond on the form attached as Exhibit “F” in the amount of 5% of the AACC. The surety for a security bond shall meet the same requirements as set forth for payment and performance bonds.
17.2 Upon acceptance by Owner of a Guaranteed Maximum Price Proposal, Contractor shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the UGSC. The penal sum of the payment and performance bonds shall be equal to the GMP. If construction is phased or staged with different Guaranteed Maximum Prices established at different times, the penal sum of the bonds shall be increased at the start of each stage or phase based on the cumulative total value of all Guaranteed Maximum Prices in effect.
17.3 Contractor shall not commence work under this Agreement until it has obtained all required insurance and until evidence of the required insurance has been reviewed and approved by Owner. Owner’s review of the insurance shall not relieve nor decrease the liability of the Contractor. Prior to commencing any work under this Agreement, Contractor shall provide evidence of the following insurance coverages:
BONDS AND INSURANCE. For insurance and bonds required under this Facilities Lease (exclusive of those required by Subcontractors, which costs are included in the subcontract amounts), that portion of insurance and bond premiums which are directly attributable to this Contract, which shall be calculated at a rate of percent ( %) of the Cost of the Work for insurance and percent ( %) of the Cost of the Work for payment and performance bonds.
BONDS AND INSURANCE. The Board may require all officers, agents and employees charged by this Company with responsibility for the custody of its funds or property to give bonds. Bonds shall be furnished by a responsible bonding company and approved by the Board, and the cost shall be paid by the Company. The Board shall cause the Company to provide for insurance of the property of the Company, or property which may be in the possession of the Company and not otherwise adequately insured by the owner of the property. In addition, the Board shall cause the Company to provide for insurance covering liability of the Company to all employees and the public, in a commercially reasonable amount as is customary for businesses similar to the Company.
BONDS AND INSURANCE. Close-out/Certification documentation
BONDS AND INSURANCE. 10.1 The Contractor shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the UGCs (Article 5). The penal sum of the payment and performance bonds shall be equal to the Contract Sum.
10.1.1 If for any reason the CM should desire coverage for the guarantee of performance or payment of subcontractors in addition to the bonds required by 17.2, the expense of such additional coverage shall be included in the Direct Construction Cost.
10.2 The Contractor shall not commence work under the Contract until it has obtained all required insurance and until evidence of the required insurance has been reviewed and approved by the Owner’s Designated Representative (see UGC 3.1.2 and 013100, paragraph 2). Contractor shall provide evidence of the insurance coverage for: Workers’ Compensation, Employer’s Liability, Comprehensive General Liability, Builder’s Risk and Comprehensive Automobile Liability in the amounts as set forth in the UGCs. All of this required coverage shall remain in full force and effect throughout the term of the Project and shall be increased as necessary for each separate bid package, phase, change order, or Stage of construction prior to the commencement of construction for that package, phase, or Stage. Owner’s review of the evidence of insurance provided by the Contractor shall not relieve nor decrease the liability of the Contractor.
10.3 The Contractor shall not cause or allow any of its required insurance to lapse or be canceled during the term of the Contract or as otherwise required in the Contract. If the Contractor fails to obtain, maintain or renew any insurance required by the Contract, the Owner may obtain insurance coverage directly and recover the cost of that insurance from the Contractor.
10.4 The Owner reserves the right to reevaluate the insurance requirements during the effective period of the Contract and to make reasonable adjustments to the insurance coverages and their limits when deemed necessary and prudent by the Owner based upon changes in statutory law, court decisions, or the claims history of the industry as well as the Contractor. Such changes will be incorporated into this Contract by Change Order.
10.5 The Owner shall be entitled, upon request, and without expense, to receive complete copies of the policies with all endorsements and may make any reasonable requests for deletion, or revision or modification of particular policy terms, conditions, ...
BONDS AND INSURANCE. 10.1 The Contractor shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the UTUGCs. The penal sum of the payment and performance bonds shall be equal to the Contract Sum.
10.2 The Contractor shall not commence work under the Agreement until it has obtained all insurance coverage as required by the UTUGCs and until evidence of the required insurance has been reviewed and approved by the Owner. Owner’s review of the insurance shall not relieve nor decrease the liability of the Contractor.
BONDS AND INSURANCE. Section 1. Should the Employer require any employee to give bond, cash bond shall not be compulsory, and any premium involved shall be paid by the Employer. The primary obligation to procure the bonds shall be on the Employer. If the Employer cannot arrange for a bond within ninety (90) days, it must so notify the employee in writing. Failure to so notify shall relieve the employee of the bonding requirement. If proper notice is given, the employee shall be allowed thirty (30) days from the date of such notice to make his/her own bonding requirements, standard premiums only on said bond to be paid by the Employer. A standard premium shall be that premium paid by the Employer for bonds applicable to all other of its employees in similar classifications. Any excess premium is to be paid by the employee. Cancellation of a bond after once issued shall not be cause for discharge unless the bond is cancelled for cause which occurs during working hours, or due to the employee having given a fraudulent statement in obtaining said bond. Every driver must maintain a valid commercial driver’s license and required endorsements and be covered by insurance. If an the Employer cannot cover a driver under an existing fleet policy, the Employer will promptly apply to the state assigned risk-pool to provide any comparable coverage. During the pendency of the application and until insurance is obtained, the driver will not be terminated, but will be taken out of driving service. When any comparable insurance is obtained, the employee will be responsible for paying any excess over the standard charges.
Section 2. Corporate Owned Life Insurance ARTICLE 12. UNIFORMS
BONDS AND INSURANCE. Exhibit C, entitled Bonds and Insurance, is attached and incorporated by reference.
BONDS AND INSURANCE. Security Bond; upon execution of this Agreement, Construction Manager shall provide a security bond on the form provided by the Owner in the amount of 5% of the Construction Cost Limitation. The surety for a security bond shall meet the same requirements as set forth for payment and performance bonds. Payment and Performance Bonds; upon acceptance by the Owner of a Guaranteed Maximum Price Proposal, Construction Manager shall provide performance and payment bonds on forms prescribed by Owner and in accordance with the requirements set forth in the Uniform General Conditions for University of Texas System Building Construction Contracts. The penal sum of the payment and performance bonds shall be equal to the Guaranteed Maximum Price. If construction is phased or staged with different Guaranteed Maximum Prices established at different times, the penal sum of the bonds shall be increased at the start of each stage or phase based on the cumulative total value of all Guaranteed Maximum Prices in effect.
