Common use of INSURANCE OF THE WORKS Clause in Contracts

INSURANCE OF THE WORKS. The Contractor shall, without limiting his or UNIDO's obligations and responsibilities under the Contract, insure with an insurance company acceptable to UNIDO: a) The Works, together with the materials and equipment for incorporation therein, to their full replacement cost, plus an additional sum of fifteen (15) per cent of such replacement cost, to cover any additional costs of and incidental to the rectification of loss or damage including professional fees and the cost of demolishing and removing any part of the Works and of removing debris of whatsoever nature; b) The insurance referred to in sub-paragraphs 7.01 a) shall be in the joint names of the Contractor and UNIDO and shall cover UNIDO and the Contractor against all loss or damage from whatsoever cause arising from the start of the Work at the Work Site until the date of the final payment.

INSURANCE OF THE WORKS. The Contractor shall, without limiting his or UNIDO's obligations and responsibilities under the Contract, insure with an insurance company acceptable to UNIDO: a) The Works, together with the materials and equipment for incorporation therein, to their full replacement cost, plus an additional sum of fifteen (15) per cent of such replacement cost, to cover any additional costs of and incidental to the rectification of loss or damage including professional fees and the cost of demolishing and removing any part of the Works and of removing debris of whatsoever nature; b) The insurance referred to in sub-paragraphs 7.01 6.01 a) shall be in the joint names of the Contractor and UNIDO and shall cover UNIDO and the Contractor against all loss or damage from whatsoever cause arising from the start of the Work at the Work Site until the date of the final payment.