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City of Everett 00 72 00 - 54 <br />Port Gardner Storage Facility – Facility Construction Package WO# UP-3525 <br /> <br /> <br />00 72 00 - 54 GENERAL CONDITIONS <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 100 percent <br />of the Contract Sum in the form required by the Contract. This bond shall serve as security for the <br />faithful performance of the Work and as security for the faithful payment and satisfaction of the persons <br />furnishing materials and performing labor on the Work. The bond shall be issued by a corporation duly <br />and legally licensed to transact surety business in the State of Washington. Such bond shall remain in <br />force throughout the period required to complete the Work, and thereafter for a period of three hundred <br />sixty-five (365) calendar days after Final Acceptance. The bond must be executed by a duly licensed <br />surety company, which is listed in the latest Circular 570 of the United States Treasury Department, as <br />being 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 bond or the <br />form thereof prescribed in these Contract Documents shall in no way affect or alter the liabilities of the <br />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 Guarantee) <br />Bonds in form acceptable to the Owner written by the same corporate surety that provides the Payment <br />and Performance Bond for this Contract. These bonds shall secure the Contractor's obligation to replace <br />or repair defective materials and faulty workmanship for a minimum period of one (1) year after Final <br />Payment and shall be written in an amount equal to one hundred percent (100%) of the Contract Sum, as <br />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) days <br />after the Completion Date, unless otherwise indicated below, the following insurance with insurance <br />companies or through sources approved by the State Insurance Commissioner 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 the A.M. <br />Best’s Key Rating Guide, which is licensed to do business in the state of Washington (or issued as a <br />surplus line by a Washington Surplus lines broker). The Owner reserves the right to approve the security <br />of the insurance provided, the company, terms and coverage, and the Certificate of Insurance. <br />15.3.3 Claims Made Form Requirements <br />If any policy is written on a claims made form, the retroactive date shall be prior to or coincident with the <br />effective date of this Contract. The policy shall state that coverage is claims made, and state the <br />retroactive date. Claims made form coverage shall be maintained by the Contractor for a minimum of <br />three years following the expiration or earlier termination of this Contract, and the Contractor shall <br />annually provide the Owner with proof of renewal. If renewal of the claims made form of coverage <br />becomes unavailable, or economically prohibitive, the Contractor shall purchase an extended reporting <br />period ("tail") or execute another form of guarantee acceptable to the Owner to assure financial <br />responsibility for liability for services performed.