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<br />the BORROWER and found acceptable by the CWCB staff before work under this contract begins. <br />e. The BORROWER must provid~ copies of executed construction contract documents consisting of the <br />advertisement for bid, contracto~s proposal, construction contract, bid bond, performance bond, <br />payment bond, notice of award, notice to proceed, sample change order, and sample field order. <br />After CWCB staff verifies that these documents comply with the terms of this contract, BORROWER <br />may issue the notice to proceed to the CONSTRUCTION FIRMS. , <br />f. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shali <br />have the opportunity to review and approve the construction schedule. <br />g. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, <br />the BORROWER shall employ an inspector who has been approved by the CWCB staff. <br />h. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br />i. Upon completion of the PROJECT construction, the BORROWER shali provide as-built drawings of the <br />PROJECT to the CWCB staff. <br />j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for <br />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 complete the <br />PROJECT no later than six (6) months from the date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the STATE. The BORROWER must provide, in <br />writing, documented justification for any request for an extension at least sixty (60) days prior to the <br />end of the period for completion. <br /> <br />3. Indemnification by the CONSTRUCTION FIRM. The BORROWER shall require ali 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 and <br />its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, the <br />following insurance with a company that is satisfactory to the STATE: <br />a. Worke~s compensation and employe~s liability insurance in the required statutory amounts. <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 />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for <br />each occurrence and $2,000,000 general aggregate. This insurance coverage shall include <br />products/completed operations and personal injury. <br />d. Builde~s risk for constnuction in progress for ali perils of loss including fire, wind, hail, vandalism, <br />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 additional insured. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to beginning of constnuction and maintained until constnuction is complete. <br />No payments shall be made to the BORROWER unless all insurance certificates are current. Notices of <br />renewals of said policies shall also be filed with the STATE as they occur. <br /> <br />During the time of construction, the STATE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amounts established by the Colorado <br /> <br />The Consolidated Extension Canal Company <br /> <br />Page 3 of 11 <br /> <br />Loan Contract <br />