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9 <br />Revised 01/24 <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 />Contractor must receive specific written approval from the Owner prior to proceeding with any <br />Work under the Agreement. <br />All agents and brokers shall hold valid licenses from the State of North Carolina. Before <br />commencing mobilization to the Project site and not later than 7 days after the receipt of the <br />Construction Contract by the Contractor for signatures, the Contractor shall furnish to the Owner <br />a certificate or certificates of insurance in a form satisfactory to the Owner. Upon request of the <br />Owner, the Contractor shall provide the Owner with certified copies of the insurance policies <br />required by this Article, including without limitation declaration pages, conditions, exclusions and <br />endorsements, and confirmation that each policy premium has been paid for the required term <br />of this Agreement. A copy of the umbrella policy shall be provided to the Orange County Risk <br />Manager. Certificates shall be signed by a person authorized by that insurer to bind coverage <br />on its behalf. All insurance policies shall provide, as evidenced by Certificates of Insurance, that <br />the insurance shall not be canceled, reduced, restricted, or changed in any way without at least <br />30 days prior written notice to the Owner. <br />With regard to expiration, cancellation, reduction, restriction, or any other change, certificates <br />shall state: "Should any of the following described policies be canceled before expiration date or <br />be due to expire within 30 days, the insurer shall mail 30 days prior written notice to named <br />certificate holder." In the event of any such cancellation, non-renewal, reduction, restriction, or <br />change in any insurance, the Contractor is obligated to replace such insurance within 7 days <br />without a gap in coverage and file accordingly such notice with the Owner, and other interested <br />Docusign Envelope ID: EF9C08D2-5B75-438B-8D6D-8473F81BD7C4