2008-07-10_REVISION - M2004009 (7)

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( for claims arising from the negligent performance of design services by Designer-Builder or the Design Consultant. Professional Liability insurance with minimum single limits of not less than One Million Dollars ($1,000,000) each occurrence and Two Million Dollars ($2,000,000) aggregate is required. 10.1.7 Builder's Risk. Design-Builder will provide "All Risk" Builder's Risk insurance until substantial completion of construction with a limit equal to the replacement value of the Project. 10.1.8 Subcontractor Insurance. The Design-Builder shall be solely responsible for ensuring that all subcontractors obtain and maintain in force for the term of Agreement insurance policies sufficient to meet the minimum coverages required under this Agreement. 10.2 Bonds and Other Performance Security. Design-Builder shall provide the following performance bond and labor and material payment bond or other performance security: 10.2.1 The Design/Builder shall be required to furnish a Performance Bond equal to one hundred percent (100%) of the amount of the contract, such Performance Bond to guarantee (a) the faithful performance and completion of the work in strict accordance with the terms of the Contract, and each and every covenant, condition and part thereof, according to the true intent and meaning of the contract documents, as herein defined, (b) the repair or replacement, where required, or the cost thereof, for a period of one (1) year, cancelable after the issuance of the Certificate of Acceptance, of all work performed under the terms of the Contract and in accordance with the construction specifications, or other contract documents. 10.2.2 A separate Labor and Material Payment Bond in the amount of one hundred percent (100%) of the amount of the contract will be required which will insure the payments of laborers, material suppliers, and subcontractors in connection with the work performed under the contract. 10.2.3 A separate Maintenance Bond in the amount of one hundred percent (100%) of the amount of the contract will be required which will insure the repair or replacement where requested by the Owner, or cost thereof, noncancelable for a period of one (1) year after the issuance of the certificate of acceptance, of all work performed under the terms of the contract. 10.2.3 The foregoing bonds shall be with a surety and guaranty company authorized to do business in the State of Colorado, and the form and the company shall be acceptable to the Owner. 10.3 The parties hereto understand and agree that the Owner is relying on, and does not waive or intend to waive by any provision of this Agreement or the Contract Documents, the monetary limitations or any other rights, immunities, and protections provided by the Colorado Governmental Immunity Act, Section 24-10-101, et sea., C.R.S., as from time to time amended, or any other law, protection or limitation otherwise available to the Owner, its officers, or its employees. Article 11 Other Provisions 11.1 Agreement Subject to Annual Appropriation. 11.1.1 The parties hereto understand. and agree that $' has been budgeted for compensation for work done pursuant to this Agreement for the current fiscal year ending December 31, 2008. This is a full and lawful appropriation as required by appropriate statute for this project. In the event that the Town fails to appropriate sufficient funds to cover the compensation which may become due for the fiscal year beginning January 1, 2009 then, and in that event, this Agreement shall immediately terminate as of December. 31, 2008, without further action of any party. The Town shall provide notice to Design-Builder prior to December 31, 2008, as to whether an appropriation has been made for 2009, as required under DBIA Document Noa 525 • Standard Form of Agreement Page 7 Between Owner and Design-Builder - Lump Sum ©1998 Design-Build Institute of America 8711 \23\975623.9