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t <br />1 <br />2. Contract for the construction of said project to a <br />responsible and capable firm or firms (hereinafter referred to as <br />Construction Firm or Firms), which Construction Firms shall be <br />selected through competitive public bidding, said project to be <br />completed within two and one -half (2 -1/2) years of the date of <br />this contract in accordance with the project plans and <br />specifications and any necessary modification thereof approved by <br />the State. The State must approve, in writing, all contracts <br />before they can become effective. The above - specified time may be <br />extended by the State if such time is insufficient because of acts <br />of God or other acts or circumstances beyond the control of the <br />Contractor. <br />3. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Contractor against all liability <br />and loss, and against all claims and actions based upon or arising <br />out of damage or injury, including death, to persons or property <br />caused by or sustained in connection with the performance of any <br />contract or by conditions created thereby, or based upon any <br />violation of any statute, ordinance, or regulation, and the <br />defense of any such claims or actions. <br />4. Require all Construction Firms and their subcontractors <br />to maintain the following: <br />a. Workmen's compensation and employers' liability <br />insurance. <br />b. Automobile liability insurance for all vehicles. <br />c. Comprehensive general li <br />least the following amounts: <br />(1) For any injury ,`��n ype <br />occurrence, the sum ` orie Imo; <br />Dollars ($150,000).; <br />(2) For any injury t9KI&q OJ7 <br />t° <br />single occurrence, t iii ,` ,m of <br />Dollars ($400,000) .�'' <br />insurance in at <br />W any single <br />Fifty Thousand <br />more persons in any <br />Four Hundred Thousand <br />Said liability insurance shall name the Contractor and the State <br />as co- insureds. No payments shall be made under this contract <br />unless a copy of a certificate of said liability insurance has <br />been filed with the Colorado Water Conservation Board. <br />5. The Contractor shall execute a deed of trust which shall <br />convey the real property to the State as security for the loan. <br />One hundred percent (100 %) interest in and to the Peterson <br />Reservoir, together with all inlet and outlet structures, ditches, <br />spillways, and structures appurtenant thereto or used in <br />connection therewith. <br />The deed will be recorded by the Contractor in the proper <br />county or counties and all recording fees mull be paid by the <br />Contractor. The retainage shall not be paid to the Contractor <br />until a mortgage has been executed, recorded, and filed with the <br />State. <br />6. Permit periodic inspection of construction by authorized <br />representatives of the State during and after construction. <br />7. Without expense to the State, manage, operate, and <br />maintain the project continuously in an efficient and economical <br />manner, and assume all legal liability for such management, <br />operation, and maintenance. The Contractor agrees to indemnify <br />and hold the State harmless from any liability as a result of the <br />State's interest in the project facilities and any other property <br />identified in paragraph A.S. above. The Contractor shall maintain <br />Page 2 of 8 pages <br />i <br />