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9 <br /> <br />Revised 07/20 <br /> <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 /> <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 /> <br /> <br />ARTICLE 4. BONDS <br /> <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 /> <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 /> <br />ARTICLE 5. INSURANCE AND INDEMNITY <br /> <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 /> <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 />Contractor must receive specific written approval from the Owner prior to proceeding with any <br />Work under the Agreement. <br /> <br />DocuSign Envelope ID: 0844D1D6-E311-4FC5-8B5B-BB1E27A908ED