Bonds – Insurance definition
Bonds – Insurance. The COMMUNITY shall require the contractor provide payment and performance bonds for the PROJECT; said bonds to be in compliance with the provisions of 1963 PA 213 as amended, compiled at MCL 129.201, et seq. Further, the COMMUNITY shall require the contractor to provide insurance naming the Road Commission for Oakland County as additional named insured’s. Coverage’s shall be substantial as set forth in Exhibit “C”, attached hereto.
Bonds – Insurance. If bonds are required for any purpose, the cost shall be borne by the Buyer by change order. It is understood that if Builders Risk Coverage is in force for the Project, same is provided at no charge to Diamond.