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CITY OF EVERETT PUBLIC WORKS DOCUMENT 00 72 13 , <br /> SPECIAL PROVISIONS GENERAL CONDITIONS <br /> ARTICLE 15 LIABILITY AND INSURANCE , <br /> 15.1 General <br /> A. 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 /> A. Payment and Performance Bond <br /> 1. The Contractor shall provide a payment bond and a performance bond in the amount of 100 <br /> percent of the Contract Sum in the form required by the Contract. <br /> 2. This bond shall serve as security for the faithful performance of the Work and as security for <br /> the faithful payment and satisfaction of the persons furnishing materials and performing <br /> labor on the Work. , <br /> 3. The bond shall be issued by a corporation duly and legally licensed to transact surety <br /> business in the State of Washington. <br /> 4. Such bond shall remain in force throughout the period required to complete the Work, and <br /> thereafter for a period of three hundred sixty-five (365) calendar days after Final <br /> Acceptance. <br /> 5. The bond must be executed by a duly licensed surety company, which is listed in the latest <br /> Circular 570 of the United States Treasury Department, as being acceptable as surety on <br /> federal bonds. <br /> 6. No surety's liability on the bond shall exceed the underwriting limitations for the respective <br /> surety specified in Circular 570. <br /> 7. The scope of the bond or the form thereof prescribed in these Contract Documents shall in <br /> no way affect or alter the liabilities of the Contractor to the Owner as set forth herein. <br /> B. Maintenance Bond <br /> 1. 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. <br /> 2. These bonds shall secure the Contractor's obligation to replace or repair defective materials <br /> and faulty workmanship for a minimum period of one(1)year after Final Payment and shall <br /> 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 /> A. General <br /> 1. The Contractor shall obtain and keep in force during the term of the Contract and until thirty <br /> (30) days after the Completion Date, unless otherwise indicated below, the following <br /> insurance with insurance companies or through sources approved by the State Insurance <br /> Commissioner pursuant to Title 48 RCW. <br /> PSO6 REROUTE 007213 -62 <br /> WO NO.—UP3583 MAY 2016 <br /> 1 <br />