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Final payment shall not be due to the Contractor until thirty (30) days after all work has <br />been satisfactorily completed. <br />b. Should Owner reasonably determine that Contractor has failed to perform the Work related <br />to a Request for Payment, Owner, at its discretion may provide the Contractor seven (7) <br />days to cure the breach. Owner may withhold the accompanying payment without penalty <br />until such time as Contractor cures the breach. Should Contractor or its representatives <br />fail to cure the breach within seven (7) days, or fail to reasonably agree to such modified <br />schedule, Owner may immediately terminate this Agreement in writing, without penalty or <br />incurring further obligation to Contractor. This section shall not be interpreted to limit the <br />definition of breach to the failure to 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 />5. INSURANCE <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 />Revised July 2010 <br />