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April 2, 1992 <br />If the successful bidder, upon acceptance of his bid by the <br />OWNER, fails to execute such further contractual documents, and <br />give such bond(s) (irn~luding any necessary coinsurance or <br />reinsurance agreements) as may be required within ten (10) days <br />after receipt of the ]notice of Award, the contract may be <br />terminated for default. In such event the CONTRACTOR shall be <br />liable for any cost o.f procuring the work which exceeds the <br />amount of his bid, and the bid guarantee shall be available <br />toward offsetting such difference. <br />INSURANCE AND THREE-WAY AGREEMENTS <br />The successful bidder will be required to submit certificates <br />showing the following minimum coverages: <br />1. Standard worker's Compensation and Employer Liability, <br />as required by State Statute including occupational <br />disease, covering all employees at the work site. <br />2. General Liability (Public Liability & Property Damage) <br />(Minimum): <br />a. Combined single limit of $500,000 written on an <br />occurrence basis; <br />b. Any aggregate will not be less than $1 million; <br />c. The contractor must purchase additional insurance <br />if claims reduce the annual aggregate below <br />$500,000; <br />d. The State of Colorado must be named as additional <br />insured on each comprehensive general liability <br />policy; <br />e. Certificates of insurance must be provided to the <br />State within 10 working days after receipt of <br />Award; and, <br />f. Insurance shall include provisions providing <br />notification to the State 10 days prior to <br />cancellation of the coverage. <br />3. Automobile Liability (Minimum). The contractor must <br />carry a minimum of $500,000 combined single limit. <br />MLRD-4 <br />