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proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br /> compliance with provisions of this Contract and the laws and regulations under which <br /> this Contract is executed. The CWCB's exercise of any or all of the remedies described <br /> herein shall not relieve the Borrower of any of its duties and obligations under this <br /> Contract. <br /> B. Borrower's Remedies <br /> If the State is in breach of any provision of this Contract and does not cure such breach, <br /> Borrower, following the notice and cure period in §23.B., and the dispute resolution process <br /> in§20., shall have all remedies available at law and equity. <br /> 21. INSURANCE <br /> Borrower shall maintain at all times during the term of this Loan Contract such liability insurance, <br /> by commercial policy or self-insurance, as is necessary to meet its liabilities under the Colorado <br /> Governmental Immunity Act, §24-10-101, et seq., C.R.S. (the"GIA"). Borrower shall ensure that <br /> any Subcontractors maintain all insurance customary for the completion of the Work done by that <br /> Subcontractor and as required by the State or the GIA. <br /> 22. CONFLICTS OF INTEREST <br /> A. Actual Conflicts of Interest <br /> Borrower shall not engage in any business or activities, or maintain any relationships that <br /> conflict in any way with the full performance of the obligations of Borrower under this <br /> Contract. Such a conflict of interest would arise when a Borrower or Subcontractor's <br /> employee, officer or agent were to offer or provide any tangible personal benefit to an <br /> employee of the State, or any member of his or her immediate family or his or her partner, <br /> related to the award of, entry into or management or oversight of this Contract. <br /> B. Apparent Conflicts of Interest <br /> Borrower acknowledges that,with respect to this Contract, even the appearance of a conflict <br /> of interest shall be harmful to the State's interests. Absent the State's prior written approval, <br /> Borrower shall refrain from any practices, activities or relationships that reasonably appear <br /> to be in conflict with the full performance of Borrower's obligations under this Contract. <br /> C. Disclosure to the State <br /> If a conflict or the appearance of a conflict arises, or if Borrower is uncertain whether a <br /> conflict or the appearance of a conflict has arisen, Borrower shall submit to the State a <br /> disclosure statement setting forth the relevant details for the State's consideration. Failure to <br /> promptly submit a disclosure statement or to follow the State's direction in regard to the <br /> actual or apparent conflict constitutes a breach of this Contract. <br /> 23. BREACH <br /> A. Defined <br /> The failure of a Party to perform any of its obligations in accordance with this Contract, in <br /> whole or in part or in a timely or satisfactory manner, shall be a breach. The institution of <br /> proceedings under any bankruptcy, insolvency, reorganization or similar law, by or against <br /> Borrower, or the appointment of a receiver or similar officer for Borrower or any of its <br /> property, which is not vacated or fully stayed within 30 days after the institution of such <br /> proceeding, shall also constitute a breach. <br /> Page 10 of 15 <br /> Contract Number:CT2019-648 <br />