Common use of INSURANCE AND BOND REQUIREMENTS Clause in Contracts

INSURANCE AND BOND REQUIREMENTS. (a) Developer shall acquire and maintain insurance with financially sound and reputable insurers licensed by the Texas Department of Insurance in conformance with all requirements of Attachment E, attached hereto and incorporated herein in its entirety for all purposes, including the required “form of” certificate. Furthermore, Developer shall submit a certificate of liability insurance as required under this Contract, including (if requested) a schedule of coverage (or “underwriter’s schedules”) establishing to the satisfaction of the GLO the nature and extent of coverage granted by each such policy. Developer shall submit certificates of insurance and endorsements electronically, in the manner requested by the GLO. In the event that any policy is determined to be deficient to comply with the terms of the Contract, Developer shall secure such additional policies or coverage as the GLO may reasonably request or that are required by law or regulation. Developer will be responsible for submitting renewed certificates of insurance and endorsements, as evidence of insurance coverage throughout the Contract term. Developer may not be actively working on behalf of the GLO if the insurance coverage does not adhere to insurance requirements. Failure to submit required insurance documents may result in the cancellation of the Contract. (b) Developer shall require all contractors, subcontractors, vendors, service providers, or any other person or entity performing work described in Attachment A and the Progress Tracker and Construction Schedule to carry insurance for the duration of their provision of goods or services under the Project in the types and amounts of insurance customarily carried by a person or entity providing such goods or services. Developer shall require any person or entity required to obtain insurance under this section to complete and file the declaration pages from the insurance policies with Developer whenever a previously identified policy period expires during the term of Developer’s contract with the person or entity, as proof of continuing coverage. Developer’s contract with any such person or entity shall clearly state that acceptance of the insurance policy declaration pages by Developer shall not relieve or decrease the liability of the person or entity. Persons or entities shall be required to update all expired policies before Developer’s acceptance of an invoice for monthly payment from such parties. (c) Prior to the commencement of construction, Developer shall obtain, or cause to be obtained, and submit to the GLO performance and payment bonds in accordance with Attachment F. The performance and payment bonds shall operate in accordance with the requirements of Chapter 2253 of the Texas Government Code. (d) Developer shall require any person or entity performing work on any construction Activity under the Contract to complete form SF-424D, entitled “Assurances – Construction Programs,” and Developer shall maintain such documentation.

INSURANCE AND BOND REQUIREMENTS. (a) Developer shall acquire and maintain insurance with financially sound and reputable insurers licensed by the Texas Department of Insurance in conformance with all requirements of Attachment E, attached hereto and incorporated herein in its entirety for all purposes, including the required “form of” certificate. Furthermore, Developer shall submit a certificate of liability insurance as required under this Contract, including (if requested) a schedule of coverage (or “underwriter’s schedules”) establishing to the satisfaction of the GLO the nature and extent of coverage granted by each such policy. Developer shall submit certificates of insurance and endorsements electronically, in the manner requested by the GLO. In the event that any policy is determined to be deficient to comply with the terms of the Contract, Developer shall secure such additional policies or coverage as the GLO may reasonably request or that are required by law or regulation. Developer will be responsible for submitting renewed certificates of insurance and endorsements, as evidence of insurance coverage throughout the Contract term. Developer may not be actively working on behalf of the GLO if the insurance coverage does not adhere to insurance requirements. Failure to submit required insurance documents may result in the cancellation of the Contract. (b) Developer shall require all contractors, subcontractors, vendors, service providers, or any other person or entity performing work described in Attachment A and the Progress Tracker and Construction Schedule to carry insurance for the duration of their provision of goods or services under the Project in the types and amounts of insurance customarily carried by a person or entity providing such goods or services. Developer shall require any person or entity required to obtain insurance under this section to complete and file the declaration pages from the insurance policies with Developer whenever a previously identified policy period expires during the term of Developer’s contract with the person or entity, as proof of continuing coverage. Developer’s contract with any such person or entity shall clearly state that acceptance of the insurance policy declaration pages by Developer shall not relieve or decrease the liability of the person or entity. Persons or entities shall be required to update all expired policies before Developer’s acceptance of an invoice for monthly payment from such parties. (c) Prior to the commencement of construction, Developer shall obtain, or cause to be obtained, and submit to the GLO performance and payment bonds in accordance with Attachment F. The performance and payment bonds shall operate in accordance with the requirements of Chapter 2253 of the Texas Government Code. (d) Developer shall require any person or entity performing work on any construction Activity under the Contract to complete form Office of Management and Budget Standard Form SF-424D, entitled “Assurances – Construction Programs,” and Developer shall maintain such documentation.