Kassel & Associates 3/28/2017 - Laserfiche WebLink

C. Contractor may not sue, cross-claim, claim, or bring any action of any kind whatsoever against the Owner on any Contract Claim or Dispute after the expiration of one hundred eighty (180) days from Physical Completion. D. Any alleged cause of action by Owner or Contractor as to any acts or failures to act occurring prior to Substantial Completion shall be deemed to have accrued in any and all events not later than such date of Substantial Completion. ARTICLE 15 LIABILITY AND INSURANCE 15.1 General A. Contractor bears all risk of loss, casualty or damage to installed Work prior to Final Acceptance, irrespective of whether the Owner has taken possession of the Project in whole or in part and notwithstanding the existence or availability of insurance or the insurance coverages required by the Contract Documents. 15.2 Bonds A. Payment and Performance Bond 1. The Contractor shall provide a payment bond and a performance bond in the amount of 100 percent of the Contract Sum in the form required by the Contract. 2. This bond shall serve as security for the faithful performance of the Work and as security for the faithful payment and satisfaction of the persons furnishing materials and performing labor on the Work. 3. The bond shall be issued by a corporation duly and legally licensed to transact surety business in the State of Washington. 4. Such bond shall remain in force throughout the period required to complete the Work, and thereafter for a period of three hundred sixty-five (365) calendar days after Final Acceptance. 5. The bond must be executed by a duly licensed surety company, which is listed in the latest Circular 570 of the United States Treasury Department, as being acceptable as surety on federal bonds. 6. No surety's liability on the bond shall exceed the underwriting limitations for the respective surety specified in Circular 570. 7. The scope of the bond or the form thereof prescribed in these Contract Documents shall in no way affect or alter the liabilities of the Contractor to the Owner as set forth herein. B. Maintenance Bond 1. The Contractor shall, prior to the release of Final Payment, furnish separate Maintenance (or Guarantee) Bonds in form acceptable to the Owner written by the same corporate surety that provides the Payment and Performance Bond for this Contract. 2. These bonds shall secure the Contractor's obligation to replace or repair defective materials and faulty workmanship for a minimum period of one (1) year after Final Payment and shall be written in an amount equal to one hundred percent (100%) of the Contract Sum, as adjusted(if at all). WFP Operations Building Seismic Retrofit- Rebid January 6, 2017 WO#UP3600 007213 -61