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<br />performance bond, payment bond, notice of award, notice to proceed, sample change order, <br />and sample field order. After CWCB staff verifies that these documents comply with the terms <br />of this contract, BORROWER may issue the notice to proceed to the CONSTRUCTION FIRMS. <br /> <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br />shall have the opportunity to review and approve the construction schedule. <br /> <br />g. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by the CWCB <br />staff . <br /> <br />h. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />i. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br />of the PROJECT to the CWCB staff. <br /> <br />j. 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 commence <br />with construction in order to complete the PROJECT no later than two (2) years from the date of this <br />contract. The time for completion of the PROJECT may be extended subject to the approval of the <br />STATE. The BORROWER must provide, in writing, documented justification for any request for <br />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 FIRMS <br />and their subcontractors to indemnify the STATE and BORROWER against all liability and loss, and <br />against all claims and actions based upon or arising out of damage or injury, including death, to <br />persons or property, caused by any acts or omissions of those parties or sustained in connection with <br />the performance of any contract related to the PROJECT or by conditions created thereby, or based <br />upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />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 PROJECT, <br />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 />Town of Johnstown Water Activity Enterprise <br />& Town of Johnstown Page 3 of 14 <br /> <br />Loan Contract <br />