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11 <br />terminate this Agreement in writing, without penalty or incurring further obligation <br />to Contractor. . <br />ii. This section shall not be interpreted to limit the definition of breach to the failure to <br />perform the Work related to a Request for Payment. <br />c. The Contractor has included in the Contract Price and shall pay all taxes assessed by any <br />authority on the Work or the labor and materials used therein. It shall be the Contractor's <br />responsibility to furnish the Owner documentary evidence showing the materials used and <br />sales and use tax paid by the Contractor and each of its subcontractors. <br />6. INSURANCE AND BONDS <br />a. Minimum requirements -The Contractor shall obtain, at its sole expense, all insurance <br />required under this Agreement and the Contractor shall not commence work until such <br />insurance is in force nor shall the Contractor allow any Subcontractor to commence work <br />on its subcontract until all insurance required to be procured by Subcontractors hereunder <br />has been so obtained by or for the Subcontractor. All required insurance shall be procured <br />from insurance companies licensed to do business in North Carolina with a Best's <br />Insurance Guide Rating of A- or better. Coverage for the following types of insurance <br />shall be maintained continuously during the life of the Project until Final Completion of <br />the Work. Coverages shall be maintained continuously during the life of the Project until <br />Final Completion of the Work for the following types of insurance in the amounts listed: <br />i. Worker's Compensation Insurance with limits for Coverage AStatutory -State of <br />North Carolina and Coverage B Employers Liability $500,000 each accident and <br />policy limit and disease each employee. <br />ii. Comprehensive General Liability and Property Damage Insurance ($500,000 Each <br />Occurrence; $1,000,000 Aggregate). <br />iii. Contractual Liability (Bodily Injury and Property Damage $500,000 Each <br />Occurrence; Property Damage $1,000,000 Aggregate). <br />iv. Personal Injury, with Employment Exclusion deleted ($1,000,000 Aggregate). <br />v. Comprehensive Automobile Liability Insurance (Bodily Injury $100,000 Each <br />Person/Each Accident, $300,000 Each Occurrence; Property Damage $100,000 <br />Each Occurrence). <br />b. Additional Insured -The Owner shall be named as additional insured on all forms of <br />insurance except Worker's Compensation. Each certificate of insurance and policy <br />required hereunder, except the worker's compensation policy, shall bear the provision that <br />"The policy cannot be canceled or reduced in amount and that coverage cannot be <br />eliminated in less than thirty (30) days after mailing written notice to the Owner of such <br />alteration, cancellation, or elimination, the written notice to be sent by Certified Mail." <br />c. Performance Bonds -Contractor shall furnish bonds covering the faithful performance of <br />the Contract and payment of all obligations arising under any of the Contract Documents <br />or related in any way to the Work. Contractor shall immediately furnish a copy of such <br />Revised December 2010 4 <br />