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~~ <br />~ <br />g. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER Shell employ an inspector who has been approved by the <br />CWCB staff. <br />h. The BORROWER Shall construct the PRO~ECT in accordance with the approved plans and <br />specifications. <br />i. Upon completion of the PRO~ECT construction, the BORROw~R shall provide as-built drawings <br />of the PROJECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1999), the <br />BoRROwER shall provide the same drawings to the State Engineer's Office for approval and <br />filing. <br />j. Upon completion of the PRO~ECT construction, the BoRROwER shall arrange a final inspection <br />for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br />2. Time for PRO~ecT 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 shalt complete <br />the PRO~ECT within one (1) year of the date of this contract. The time for completion of the <br />PRO~ECT may be extended subject to the approval of the STATE. The BoRROwER must provide, <br />in writing, documented justification for any request for an extension within sixty (60) days prior to <br />the end of the period for completion. The STATE will provide to the BoRROwER within thirty (30) <br />days following receipt of the BoRROwER's request, a letter of approval or denial of the request for <br />extension of time for completion. <br />3. Indemnification By The CoNSTRUCTioN FiRM ER shall require all CONSTRUCTION <br />FiRnns and their subcontractors to indemnify th TE and owER against all liability and <br />loss, and against ail ciaims and actions base ~' o 's o amage or injury, including <br />death, to persons or property, caused by s of those parties or sustained in <br />connection with the performance of any co _t lated to the PRO~ECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br />any such claims or actions. <br />4. Liabiiity Insurance During Construction. The BoRROwER shall require the CONSTRUCTION <br />FiRnn and its subcontractors to maintain, during the term of their contracts for construction of the <br />PROJECT, the following insurance with a company that is satisfactory to the STaTE: <br />a. Worker's compensation and employer's liability insurance in the 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 <br />property damage. <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall <br />include products/completed operations and personal injury. <br />d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail, vandalism, and flood in an amount equal to the amount of the PRO~ECT construction <br />contracts. <br />Said general liability insurance shall name the BoRROwER and the STaTE as additional insureds. <br />An additional insured endorsement and a current copy of a certificate of said liability insurance <br />must be provided to the STATE prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the BoRROwER unless all insurance <br />Silt Water Conservancy District Water Activity Enterprise and <br />Silt Water Conservancy District Page 3 of 13 <br />