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and sample field order. After the CWCB staff verifies that these documents comply with the terms of this contract, the BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS, g, The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule, h, If the CWCB staff determines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff, i. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff, and, if required by 9 37-87-105, C.R.S. (1997), the BORROWER shall provide the same drawings to the State Engineer's Office for approval and filing. k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for the CWCB staff, CONSTRUCTION FIRM, @nd the CONSULTANT. Z. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the performance of all of its obligations under this contract Therefore, the BORROWER shall complete the PROJECT within two (2) years from the date of this contract The time for completion of the PROJECT may be extended subject to the approval of the STATE, The BORROWER must provide, in writing, documented justification for any requt!st for extension sixty (60) days prior to the end of the period for completion. The State will provide to the Borrower within thirty (30) days following receipt of the Borrower's request, a letter of approval or denial of the request for extension of time for completion, 3. Indemnification By The CONSTRUCTION FIR"". The BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contr@ct related to the PROJECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions, 4. Liability Insurance During Construction, The BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, the following insurance with a company that is satisfactory to the STATE: a, Worker's compensation and employer's liability insurance in the required statutory amounts, b, Automobile liability insurance which includes coverage for all owned, non-owned and hired vehicles with minimum limits of $1 ,000,000 combined single limit for bodily injury and property damage, c, Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and personal injury. The Model Land & Irrigation Company Page 3 of 13 Loan Contract