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22 <br /> and suppliers will, at all times, comply with same. If the Contractor shall discover any provisions <br /> in the Contract Documents which are contrary to or inconsistent with any such law, ordinance, <br /> rule, or regulation, the Contractor shall immediately give notice thereof to the Designer and the <br /> Owner in writing, identifying any items of Work affected, and the Contractor shall not proceed <br /> until the Contractor has received written direction from the Designer with respect to these items. <br /> If the Contractor performs contrary to or inconsistently with any such law, ordinance, rule, or <br /> regulation without such written direction, the Contractor shall bear all costs which are a <br /> consequence of such performance. <br /> 3.4 At times selected by the Designer after execution by the Contractor of the Construction <br /> Agreement, a pre-construction conference shall be scheduled and conducted for the benefit of <br /> the Project. <br /> ARTICLE 4. BONDS <br /> 4.1 A performance bond in the full amount of the Contract Price shall be required of the <br /> Contractor to guarantee the faithful performance of the Work in compliance with the Contract <br /> Documents, in such form as may be required by law and approved by the Owner. The bond <br /> shall be dated the same date as the Construction Contract and must be accompanied by a <br /> current copy of the power of attorney for the attorney-in-fact executing such bond on behalf of a <br /> surety company licensed to do business in the state of North Carolina. <br /> 4.2 A payment bond in the full amount of the Contract Price shall be required of the Contractor <br /> to guarantee the payment of all labor and material costs or claims in connection with compliance <br /> with the Contract. The payment bond shall be in such form as may be required by law and <br /> approved by the Owner. Said bond shall be dated and executed in the same manner as the <br /> performance bond in paragraph 4.1. <br /> ARTICLE 5. INSURANCE AND INDEMNITY <br /> 5.1 CONTRACTOR PROVIDED INSURANCE <br /> The Contractor shall, without limiting its obligations or liabilities, procure, pay for and maintain <br /> such insurance as is required by law and as is required by this Agreement to protect the <br /> Contractor and the Owner from claims for damages for bodily injury, including death, and from <br /> claims for property damage which may arise from the Contractor's or its representatives', <br /> consultants', Subcontractors', agents', or employees' operations under this Agreement. Such <br /> insurance shall be of the kinds and have limits of liability and coverages not less than the <br /> minimum limits hereinafter specified or required by law, whichever is greater. The Owner makes <br /> no representation as to the adequacy or sufficiency of such coverages. <br /> The following requirements shall in no way be construed to limit or eliminate the liability of the <br /> Contractor, which arises from performance of Work under the Agreement. The Contractor is <br /> strictly responsible for any losses, claims, and costs of any kind which exceed the Contractor's <br /> limits of liability, or which may be outside the coverage scope of the policies. The insurance <br /> specified shall be provided by an insurer approved by the Owner, authorized to do such <br /> business in the State of North Carolina, and on terms approved by the Owner. Insurance <br /> companies utilized shall have a minimum rating of A- and Class VII as evaluated by the most <br /> current A.M. Best Rating Guide. If the insurer has a Best Rating less than A- and Class VII, the <br /> Revised 9/13 <br />