|
<br />i. The BORROWER shall construct the PROJECT in accordance with the approved plans and
<br />specifications,
<br />
<br />j, Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings
<br />of the PROJECT to the CWCB staff, and, if required by ~ 37-87-105, C,R.S, (1990), the
<br />BORROWER shall provide the same drawings to the State Engineer's Office for approval and
<br />filing.
<br />
<br />k, Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection
<br />for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT.
<br />
<br />2, Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the
<br />performance of all of its obligations under this contract. Therefore, the BORROWER shall
<br />commence with construction in order to complete the PROJECT no later than two (2) years from
<br />the date of this contract. The time for completion of the PROJECT may be extended subject to the
<br />approval of the STATE, The BORROWER must provide, in writing, documented justification for any
<br />request for extension sixty (60) days prior to the end of the period for completion,
<br />
<br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION
<br />FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and
<br />loss, and against all claims and actions based upon or arising out of damage or injury, including
<br />death, to persons or property, caused by any acts or omissions of those parties or sustained in
<br />connection with the performance of any contract related to the PROJECT or by conditions created
<br />thereby, or based upon any violation of any statute, ordinance, or regulation., and the defense of
<br />any such claims or actions,
<br />
<br />4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION FIRM
<br />and its subcontractors to maintain during the term of their contracts for construction of the
<br />PROJECT the following insurance with a company that is satisfactory to the STATE:
<br />
<br />a. Worker's compensation and employer's liability insurance in'the required statutory amounts,
<br />
<br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired
<br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property
<br />damage,
<br />
<br />c, Commercial general liability insurance with minimum limits of $1,000,000 combined single
<br />limit for each occurrence and $2,000,000 general aggregate, This insurance coverage shall
<br />include products/completed operations and personal injury,
<br />
<br />d, Builder's risk for construction in progress for all perils of loss including fire, wind, hail,
<br />vandalism, and flood in an amount equal to the completed value of the PROJECT,
<br />
<br />Said general liability insurance shall name the BORROWER and the STATE as additionai insured,
<br />An additional insured endorsement and a current copy of a certificate of said liability insurance
<br />must be provided to the STATE prior to commencement of construction and maintained untii
<br />construction is complete, No payments shall be made to the BORROWER unless all insurance
<br />certificates are current. Notices of renewals of said policies shall also be filed with the STATE as
<br />they occur.
<br />
<br />During the time of construction, the STATE reserves the right to increase the above amount of
<br />
<br />Smith Irrigation Ditch
<br />
<br />Page 3 of 13
<br />
<br />Loan Contract
<br />
|