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<br />. <br /> <br />. <br /> <br />shall pay the amount of the Contract Price as recommended by <br />ENGINEER. <br /> <br />6. INTEREST. <br /> <br />All moneys not paid within 60 days when due hereunder <br />shall bear interest at a rate of 6% per annum. <br /> <br />7. CONTRACTOR'S REPRESENTATIONS. <br /> <br />In order to induce OWNER to enter into this Agreement <br />CONTRACTOR makes the following representations: <br /> <br />(a) CONTRACTOR has familiarized himself with the nature <br />and extent of the Work, locality, and with all local <br />transportation conditions that in any manner may affect cost, <br />progress or performance of the Work. <br /> <br />(b) CONTRACTOR has studied carefully information which <br />was relied upon by ENGINEER in the preparation of the <br />cofferdam design. <br /> <br />(c) CONTRACTOR has made field examinations and <br />estimates as he deems necessary for the performance of the <br />Work at the Contract Prices, quoted and no additional <br />examinations, investigations, tests, reports or similar data <br />are or will be required by CONTRACTOR for such purposes. <br /> <br />8. BONDS AND INSURANCE. <br /> <br />(a) CONTRACTOR shall furnish performance and payment <br />bonds, each in an amount of at least $100,000 as security for <br />the faithful performance and payment of all CONTRACTOR's <br />obligations under the contract documents. These bonds shall <br />remain in effect at least until 120 days after the date when <br />final payment becomes due. Such bonds shall be duly executed <br />by a qualified corporate surety, conditioned for due and <br />faithful performance of the contract, and in addition shall <br />provide that if the CONTRACTOR or his SUBCONTRACTORS fail to <br />duly pay for any labor, materials, team hire, sustenance, <br />provisions, or other supplies used or consumed by such <br />CONTRACTOR or his SUBCONTRACTOR in performance of the Work <br />contracted to be done, the surety will pay the same in an <br />amount not exceeding the sums specified in the bond, together <br />with interest at the rate of 8% per annum. <br /> <br />(b) If the surety on any bond furnished by CONTRACTOR <br />is declared a bankrupt or becomes insolvent or its right to <br />do business is terminated in the State of Colorado or it <br />ceases to meet the requirements of paragraph 8(a), CONTRACTOR <br />shall within 5 days thereafter substitute another bond and <br />surety, both of which must be acceptable to OWNER and to the <br /> <br />-2- <br />