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shall provide the same drawings to the State Engineer's Office for approval and filing. <br />k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for <br />the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br />2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall complete <br />the PROJECT within six (6) months from the date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the STATE. The BORROWER must provide, in <br />writing, documented justification for any request for extension sixty (60) days prior to the end of the <br />period for completion. <br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION <br />FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any <br />such claims or actions. <br />4. Liability Insurance During Construction. ~ shall require the CONSTRUCTION FIRM <br />and its subcontractors to maintain, during the r ntracts for construction of the PROJECT, <br />the following insurance with a company that is satisfac h TATS: <br />a. Worker's compensation and employ~ilitr s required statutory amounts. <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired <br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property <br />damage. <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include <br />products/completed operations and personal injury. <br />d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, <br />vandalism, and flood in an amount equal to the completed value of the PROJECT. <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to commencement of construction and maintained until construction is <br />complete. No payments shall be made to the BORROWER unless all insurance certificates are <br />current. The BORROWER shall file notices of renewals of said policies with the STATE as renewals <br />occur. <br />During the time of construction, the STATE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amount established by the Colorado <br />Governmental Immunity Act, now and as hereafter amended. <br />5. BORROWER's Indemnification Of The STATE. The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br />liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any <br />Farmers Pawnee Canal Company Page 3 of 13 Loan Contract <br />