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,', \. ~.. . t ~ :~ . when required by the State, be selected through competitive public bidding. said project to be completed within two (2) years of the date of this. contract in accordance with the project plans and specifications and any necessary modification thereof approved by the State. The State must approve. in writing, all contracts befo~e they can become effective. The above-specified time may be. extended by the state if such time is insufficient because of acts of God or other acts or circumstances beyond the control of the Contractor. 3. Require all CO~8truction Firms and their subcontractors to indemnify the State and the contractor against all liability and 1088. and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property caused by or sustained in connection with the performance of any contract or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims at actions. 4. Require all Construction Firms~[n~fi~ir subcontractors to maintain the following: ..,4/':\~ ~;~ ~. Workmen's compensati-;;'~\;~d ':~~)JoJ1rs' liability insurance. 'j'!., " ' \"\-...,,y- b. Automob~.~;~~~;)~bi\~\it~._nsti~n~e f~r all veh~cles. c. compreh~p~.ii,V, ~r~~gen~l .. lablllty lnSUrance ln at least the fo~lbw!~g a ~nts: \'i~-'.;" , (1) For :~\~-jury to one person in any single occurrence,,~~ sum of Five Hundred Thousand Dollars ($500.000). (2) For any injury to single occurrence, the ($1.000.000) . two or more persons in any sum of One Million Dollars \. Said liability insurance shall name the Contractor and the State as co-insureds. No payments shall be made under this contract unless a copy of a certificate of said liability insurance has been filed with the Colorado Water conservation Board. 5. a. Assign all of the Contractor's interest in the following real property to the State as security for the loan: An undivided one-half interest in lands, easements. and/or rights- of-way required for the construction of sedgwick-Sand Draws watershed project, all as shown in Exhibts C, D, and E. The deed or assignment will be recorded by the Contractor in the proper county or counties and all recording fees shall be paid by the Contractor. The retainage shall not be paid to the Contractor until the deed or assignment has been executed, recorded, and filed with the State. , \ b. Pledge the revenue from the construction assessmenG to be collected by the Contractor over the next thirty (30) years to the State. 6. Permit periOdic inspection of construction by authorized representatives of the State during and after construction. Page ~ of ~ Pages