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ARTICLE 15 LIABILITY AND INSURANCE <br /> A. 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 the <br /> Contract Documents. <br /> 111 <br /> B. BONDS <br /> A. Payment and Performance Bond I <br /> I. The Contractor shall provide a payment bond and a performance bond in the amount of 100 percent of <br /> 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 the <br /> faithful payment and satisfaction of the persons furnishing materials and performing labor on the <br /> Work. <br /> 3. The bond shall be issued by a corporation duly and legally licensed to transact surety business in the <br /> State of Washington. <br /> 4. Such bond shall remain in force throughout the period required to complete the Work, and thereafter <br /> 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 Circular <br /> 570 of the United States Treasury Department, as being acceptable as surety on federal bonds. <br /> 6. No surety's liability on the bond shall exceed the underwriting limitations for the respective surety <br /> specified in Circular 570. <br /> 7. The scope of the bond or the form thereof prescribed in these Contract Documents shall in no way <br /> affect or alter the liabilities of the Contractor to the Owner as set forth herein. <br /> B. Maintenance Bond I <br /> I. 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 provides <br /> the Payment and Performance Bond for this Contract. <br /> 2. These bonds shall secure the Contractor's obligation to replace or repair defective materials and faulty <br /> workmanship for a minimum period of one year after Final Payment and shall be written in an amount <br /> equal to 100 percent of the Contract Sum,as adjusted(if at all). <br /> C. INSURANCE <br /> A. General11 <br /> 1. The Contractor shall obtain and keep in force during the term of the Contract and until 30 days after <br /> 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 <br /> RCW. <br /> B. Insurer Rating <br /> 1. The insurance provided must be with an insurance company with a rating of A-:VII or higher in the <br /> A.M. Best's Key Rating Guide, which is licensed to do business in the state of Washington (or issued <br /> 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 company, terms <br /> and coverage, and the Certificate of Insurance. <br /> 10023829 City of Everett Public Works July 2018 <br /> WPCF FEN Chlorination Building Upgrade Work Order 3614 <br /> GENERAL CONDITIONS <br /> 00 72 13-56 Issue for Bid I <br />