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PORT OF EVERETT SECTION 00 i00 <br /> 13T" STREET iv1ARINA—VOLUTviE 1: b1ARIVF �1'01tK GENER4L CONDITIOVS <br /> :�RTICLE 5 BO\DS :1ND INSUR�VCL• <br /> 5.1 Pcr(ormancc Bond <br /> CONTR4CTOR shall fumish a duly e�ewted pecformance bond upon a form awepttble to the Port wi�hin <br /> ten QO)caiendar days following receipt of the Notice of P_ward. Tie bond shall be erecured by a]icensed <br /> surety(or surcties) �ahich is registered wi[h[he Wasington State Inswance Commission�r and the surety'c <br /> name shall appear in the curren[Authonzed Insurance Compatry List fo,-ihe sta[e of Washineton published <br /> by[he Office of thc Insurance commissioner, and must be approved by the U.S.DzpaMient of Treasury as <br /> evidenced by a listing in die Federal Register. In addition, the suren�or sureties must be rated"A-,FSC <br /> (G)",or hi�her by A.M. Best Rating Guide. The penal amount of the bond shall be in an amount equa] to <br /> tl�e Contract Sum plus R'ashington Statc Sales Tax, if applicable, and conditioncd upon�he faithful <br /> perfortnance oCthe Contract by the CONTRACTOR�sitl�in the Contract 7ime. <br /> If the Surety on any i�ond fumished b��CONTRr1CTOI2 is dcclared banl:rupt or becomes insolvent, or its <br /> right te do business is tertninated in the state of Washignton,or it ceases to meet the requirements u stated <br /> abme, CONTRACTOR shall within five days thereafter substimte another Bond and Surery. POR:" <br /> reserves[he right to approve or rejer;any substitute Bond and Surery. <br /> 5? Payment 1Tond � <br /> CONTRACTOR shall also furnish a duly execu!ed payment bond upoa a foan acceptable to ilie Port, <br /> within ten(]0)calendar days following receipt of thz Notice of Award. The bond sUal]be executed by a <br /> licensed surety(nr sure;i<<)which is registered widi tl�e Nashineton State Insur.v�ce Commissi3oner and <br /> the Surery's name shall appear in the currem Authorized Insurance company List in the state of R%ashington <br /> published by the OCfice of the Insurance Cornmissioner. and must be approved by tl�e LI.S. Department of <br /> Treasury as eeidcnced by a listing in the Fedcral Registec In addition,the surety or sureties must be rated <br /> "A-, FSC(6)"or hieher by AM. Best]tating Guide. The penal amount of the bond shall be in an amount <br /> equal to the Contract Sum plus 1\'ushington State Sales Tax, if applicable,and conditioned upon die <br /> payment by d�e CONTRACTOR to all laborers, mechanics, Subcontractors,suppliers,and all persons���ho <br /> s-hall supply for the ped'onnance of die Nork covered by this Contract. <br /> If tl�e Suret} on any Bond furnishcd by CONTRACTOR is decfared ba�il:rupt or becomes uuolvent, or its <br /> right to do 6usiness is tem�inated in the state of Nashignton,or it ccases to meet[he requvements as stated <br /> above,CONTRAC i OR shall within fiee days thereafter,ubstitute ancdur Boad and Suret7. PORT <br /> reserves the right ro approae or reject any substitute Bond and Surety. <br /> 5.3 CONTRICTOR's Liabilil��Insurancc <br /> �3.1 CONTRt1CT02 shall purcliase and mainmin sucl�comprehensi�•e general liabiliry and other <br /> insurance as�cill provide protection from claicns set£onh belo�a wliich m�y�rise out of or result <br /> from CON'TRACTOR's pedommnce oF the Nork and CONTR4CTOR's other obli:ations under <br /> the Convact Dowments,�ehether such perfort*ance is by CONTIL-�CTOR, by any Subcor.rractor, <br /> by anyone dimcdy or u�direcdy employ�d by any of d�em,or by anyone for whose acts any of them <br /> mav be liablc, <br /> (a) Comorehensive Geueral Liabilitv Insumnce on an Occurrence Basis in an amount nut less than <br /> S I,000,000 per occurrence and at]east 52,000,000 in ilie annual ag;regate,induding but not <br /> litnited[o: � <br /> 1. IIodily Injury Liability <br /> 2. Prope:ty Damaee Liability(to indude esplosion, collapse and undercround) <br /> 3. Blanket Couvacmal LiabiLn <br /> 4. PremisesiOperations(indudine off-sice operatiors) <br /> 00700 - '_' <br />