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Section 00 72 00 GENERAL CONDITIONS <br /> <br />City of Everett 00 72 00-53 June 2024 <br />WFP Air Scour Blower Building Replacement Issued for Bid <br />UP3813 <br />Any alleged cause of action by Owner or Contractor as to any acts or failures to act occurring <br />prior to Substantial Completion shall be deemed to have accrued in any and all events not later <br />than such date of Substantial Completion. <br />15. LIABILITY AND INSURANCE <br />15.1 GENERAL <br />Contractor bears all risk of loss, casualty or damage to installed Work prior to Final Acceptance, <br />irrespective of whether the Owner has taken possession of the Project in whole or in part and <br />notwithstanding the existence or availability of insurance or the insurance coverages required by <br />the Contract Documents. <br />15.2 BONDS <br />15.2.1 Payment and Performance Bonds <br />The Contractor shall provide a payment bond and a performance bond, each in the amount of <br />100 percent of the Contract Sum in the form required by the Contract. This bond shall serve as <br />security for the faithful performance of the Work and as security for the faithful payment and <br />satisfaction of the persons furnishing materials and performing labor on the Work. The bond <br />shall be issued by a corporation duly and legally licensed to transact surety business in the <br />State of Washington. Such bond shall remain in force throughout the period required to <br />complete the Work, and thereafter for a period of three hundred sixty-five (365) calendar days <br />after Final Acceptance. The bond must be executed by a duly licensed surety company, which <br />is listed in the latest Circular 570 of the United States Treasury Department, as being <br />acceptable as surety on federal bonds. No surety's liability on the bond shall exceed the <br />underwriting limitations for the respective surety specified in Circular 570. The scope of the <br />bond or the form thereof prescribed in these Contract Documents shall in no way affect or alter <br />the liabilities of the Contractor to the Owner as set forth herein. <br />15.2.2 Maintenance Bond <br />The Contractor shall, prior to the release of Final Payment, furnish separate Maintenance (or <br />Guarantee) Bonds in form acceptable to the Owner written by the same corporate surety that <br />provides the Payment and Performance Bond for this Contract. These bonds shall secure the <br />Contractor's obligation to replace or repair defective materials and faulty workmanship for a <br />minimum period of one (1) year after Final Payment and shall be written in an amount equal to <br />one hundred percent (100%) of the Contract Sum, as adjusted (if at all). <br />15.3 INSURANCE <br />15.3.1 General <br />The Contractor shall obtain and keep in force during the term of the Contract and until thirty (30) <br />days after the Completion Date, unless otherwise indicated below, the following insurance with <br />insurance companies or through sources approved by the State Insurance Commissioner <br />pursuant to Title 48 RCW. <br />15.3.2 Insurer Rating <br />The insurance provided must be with an insurance company with a rating of A-: VII or higher in <br />the A.M. Best’s Key Rating Guide, which is licensed to do business in the state of Washington <br />(or issued as a surplus line by a Washington Surplus lines broker). The Owner reserves the <br />right to approve the security of the insurance provided, the company, terms and coverage, and <br />the Certificate of Insurance.