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the BORROWER and found acceptable by the CWCB staff before work under this contract begins. e. The BORROWER must provide copies of executed construction contract documents consisting of the advertisement for bid, contractor's proposal, construction contract, bid bond, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order. After CWCB staff verifies that these documents comply with the terms of this contract, BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. g. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff. h. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff. j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for the CWCB staff, CONSTRUCTION FIRM,and the CONSULTANT. 2. Time for PROJECT completi6n~:; The BORROWER recognizes tha,t time is of the essence in the performance of all ofitsobligations under this contract. Therefore,Jhe BORROWER shall complete the PROJECT no later than six (6) months from the date of this contract. The time for completion of the PROJECT may be extended_,subj~ct!'t6 the approval of the STATE. Th 'BORROWER must provide, in writing, documented justification 'for any requestfor an extension (60) days prior to the end of the period for completion. 3. Indemnification by the CONSTRUCTION FIRM. The BaRR I CONSTRUCTION FIRMS and their subcontractors to indemnify th~'~T4T and BOR II liability and loss, and against all claims and actions based upon or . 0~t~U6 a or injury, including death, to persons or property, caused by any acts misSI" sec s or sustained'ii;l connection with the performance of any contract r P conditions created thereby, or based upon any violation of any statut , ;'and the defense of any such claims or actions. 4. Liability insurance during constructio BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain, during th 'erm of their contracts for construction of the PROJECT, the following insur~?~ ~}~h a company that is satisfactory to the STATE: a. Worker'S;GQinpeHsation and employer's liability insurance in the required statutory amounts. b. Automobile Iiablffty insurance which includes coverage for all owned, non-owned and hired vehicles with mjnimum limits of $1,000,000 combined single limit for bodily injury and property damage. ' c. Commercial general liability insurance with minimum limits of $1 ,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and personal injury. d. Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. Said general liability insurance shall name the BORROWER and the STATE as additional insured. An additional insured endorsement and a current copy of a certificate of said liability insurance must be provided to the STATE prior to beginning of construction and maintained until construction is complete. No payments shall be made to the BORROWER unless all insurance certificates are current. Notices of renewals of said policies shall also be filed with the STATE as they occur. During the time of construction, the STATE reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amounts established by the Colorado The Consolidated Extension Canal Company Page 3 of 11 Loan Contract