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I <br /> CITY OF EVERETT PUBLIC WORKS 00 72 13 1 <br /> SPECIAL PROVISIONS GENERAL CONDITIONS <br /> 3. The bond shall be issued by a corporation duly and legally licensed to transact surety <br /> I <br /> business in the State of Washington. <br /> 4. Such bond shall remain in force throughout the period required to complete the Work, and 111thereafter for a period of 365 calendar days after Final 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 /> I <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. I 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 /> I <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 year after Final Payment and shall be <br /> written in an amount equal to 100 percent of the Contract Sum,as adjusted(if at all). <br /> I <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 30 <br /> days after the Completion Date, unless otherwise indicated below, the following insurance <br /> with insurance companies or through sources approved by the State Insurance Commissioner I pursuant to Title 48 RCW. <br /> B. Insurer Rating <br /> 1. The insurance provided must be with an insurance company with a rating of A-:VII or higher <br /> in the A.M. Best's Key Rating Guide, which is licensed to do business in the state of <br /> Washington(or issued as a surplus line by a Washington Surplus lines broker). <br /> 2. The Owner reserves the right to approve the security of the insurance provided, the <br /> I <br /> company,terms and coverage,and the Certificate of Insurance. <br /> C. Claims Made Form Requirements I 1. If any policy is written on a claims made form, the retroactive date shall be prior to or <br /> coincident with the effective date of this Contract. <br /> 2. The policy shall state that coverage is claims made,and state the retroactive date. <br /> I <br /> 3. Claims made form coverage shall be maintained by the Contractor for a minimum of three <br /> years following the expiration or earlier termination of this Contract, and the Contractor <br /> shall annually provide the Owner with proof of renewal. <br /> 111 <br /> 4. If renewal of the claims made form of coverage becomes unavailable, or economically <br /> prohibitive, the Contractor shall purchase an extended reporting period ("tail") or execute <br /> another form of guarantee acceptable to the Owner to assure financial responsibility for I liability for services performed. <br /> THREE LAKES VALVE BYPASS July 19, 2017 <br /> I <br /> WO#UP3611 007213 -60 <br />