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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 D. Delivery of Proof of Coveraae. No later than ninety (90) days before the commencement of operations (i.e., on or before October 1, 2010), Contractor shall furnish Authority one or more certificates of insurance on a standard ACORD form substantiating that each of the coverages required hereunder are in force, in form and substance satisfactory to Authority. Such certificates shall show the type and amount of coverage, effective dates and dates of expiration of policies and shall be accompanied by all required endorsements. If Authority requests, copies of each policy, together with all endorsements, shall also be promptly delivered to Authority. Contractor shall furnish renewal certificates to Authority to demonstrate maintenance of the required coverages throughout the Term. E. Other Insurance Reauirements 1. I n the event performance of any services is delegated to a subcontractor, Contractor shall require such subcontractor to provide statutory workers' compensation insurance and employer's liability insurance for all of the subcontractor's employees engaged in the work. The liability insurance required by Subsection 10.02-;A.2 shall cover all subcontractors or the subcontractor must furnish evidence of insurance provided by it meeting all of the requirements of this Section 10.02. 2. Contractor shall comply with all requirements of the insurers issuing policies. The carrying of insurance shall not relieve Contractor from any obligation under this Agreement, including those imposed by Section 10.01. If any claim is made by any third person against Contractor or any subcontractor on account of any occurrence related to this Agreement, Contractor shall promptly report the facts in writing to the insurance carrier and to the Authority. 3. If Contractor fails to procure and maintain any insurance required by this Agreement, Authority may take out and maintain, at Contractor's expense, such insurance as it may deem proper and deduct the cost thereof from any monies due Contractor. Alternatively, the Authority may treat the failure as a Contractor Default. 4. Authority is not responsible for payment of premiums for or deductibles (which must be approved in writing and in advance by Authority) under any required insurance_ coverages. 33 10.03 FAITHFUL PERFORMANCE BOND 34 On or before the Effective Date, Contractor shall deliver to Authority a bond securing the 35 Contractor's faithful performance of its obligations under this Agreement. The principal 36 sum of the bond shall be Two Million Dollars ($2,000,000). The form of the bond shall 37 be as set out in Attachment 16. The bond shall be executed as surety by a corporation 38 admitted to issue surety bonds in the State of California, regulated by the California 39 Insurance Commissioner and with a financial condition and record of service satisfactory 40 to Authority. 41 The term of the bond shall be not less than twenty-four (24) months, or until November 42 1, 2011, whichever occurs first. The bond shall be extended, or replaced by a new bond 43 in the same principal sum (adjusted by the percentage change in the Consumer Price 44 Index All Urban Wage Earners and Clerical Workers for the San Francisco-Oakland-San 45 Jose Metropolitan Area between July 2009 and July 2011), for the same term (i.e., 46 twenty-four (24) months) and in the same form, bi-annually thereafter. Not less than Operating Agreement for Shoreway Center Page - 40 - 7/30/09