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' ARTICLE 5—BONDS AND INSURANCE <br /> 5.01 Performance, Payment, and Other Bonds <br /> A. Contractor shall furnish performance and payment bonds, each in an amount at least equal to the <br /> Contract Price as security for the faithful performance and payment of all of Contractor's <br /> obligations under the Contract Documents. These bonds shall remain in effect until one year <br /> after the date when final payment becomes due or until completion of the correction period <br /> specified in Paragraph 13.07, whichever is later, except as provided otherwise by Laws or <br /> ' Regulations or by the Contract Documents. Contractor shall also furnish such other bonds as are <br /> required by the Contract Documents. The Owner shall be solely responsible for determining the <br /> adequacy and sufficiency of the bonds for the Project. <br /> ' B. All bonds shall be in the form prescribed by the Contract Documents except as provided <br /> otherwise by Laws or Regulations, and shall be executed by such sureties as are named in the list <br /> ' of"Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and <br /> as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Financial <br /> Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed <br /> ' by an agent or attorney-in-fact must be accompanied by a certified copy of that individual's <br /> authority to bind the surety. The evidence of authority shall show that it is effective on the date <br /> the agent or attorney-in-fact signed each bond. <br /> ' C. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or <br /> its right to do business is terminated in any state where any part of the Project is located or it <br /> ' ceases to meet the requirements of Paragraph 5.01.13, Contractor shall promptly notify Owner <br /> and Engineer and shall, within 20 days after the event giving rise to such notification, provide <br /> another bond and surety,both of which shall comply with the requirements of Paragraphs 5.01.13 <br /> ' and 5.02. <br /> 5.02 Licensed Sureties and Insurers <br /> ' A. All bonds and insurance required by the Contract Documents to be purchased and maintained by <br /> Owner or Contractor shall be obtained from surety or insurance companies that are duly licensed <br /> ' or authorized in the jurisdiction in which the Project is located to issue bonds or insurance <br /> policies for the limits and coverages so required. Such surety and insurance companies shall also <br /> meet such additional requirements and qualifications as may be provided in the Supplementary <br /> ' Conditions. The Owner shall be responsible for determining the sufficiency and adequacy of <br /> such bonds and insurance. <br /> 5.03 Certificates of Insurance <br /> A. Contractor shall deliver to Owner, with copies to each additional insured and loss payee <br /> ' identified in the Contract Documents, certificates of insurance (and other evidence of insurance <br /> requested by Owner or any other additional insured) which Contractor is required to purchase <br /> and maintain. The Owner shall be solely responsible for determining the adequacy and <br /> ' sufficiency of the insurance requested under the Contract Documents and any certificates of <br /> insurance which are furnished hereunder. <br /> ' EJCDC C-700 Modified Standard General Conditions of the Construction Contract <br /> Copyright©2007 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> Page 19 of 81 <br />