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- DES:djk 08/01/97
<br /> F:Sharcd~edwood/Council/Agmt- 100
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<br /> Any deductibles or self-insured retentions must be declared to, and approved by City. At
<br /> the option of City either Contractor's insurer shall reduce or eliminate the deductibles or
<br /> self-insured retentions with respect to City, its Council, commissions, boards, committees,
<br /> officers, employees and agents or Contractor shall procure a bond guaranteeing payment of
<br /> losses and related investigations, claim administration and defense expenses.
<br /> Concurrently with the execution of this Agreement, Contractor shall furnish City with
<br /> certificates and copies of information or declaration pages of the insurance required
<br /> hereunder and, with respect to evidence of commercial general liability and automobile
<br /> liability insurance coverage, original endorsements:
<br /> a) Precluding cancellation or reduction in coverage before the expiration of thirty (30)
<br /> days after City shall have received written notification of cancellation or reduction in
<br /> coverage by certified mail, return receipt requested;
<br /> b) Providing that Contractor's insurance shall apply separately to each insured against
<br /> whom claim is made or suit is brought, except with respect to the limits of the
<br /> insurers liability (cross liability endorsements);
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<br /> c) Naming City, its Council, commissions, boards, committees, officers, employees and
<br /> agents as additional insureds; and
<br /> d) Providing that Contractor's insurance shall be primary insurance relating to
<br /> Contractor's work hereunder with respect to City, its Council, commissions, boards,
<br /> committees, officers, employees and Agents, and further providing that any
<br /> insurance or self-insurance maintained by City for itself, its Council, commissions,
<br /> boards, committees, officers, employees and agents shall not be exeass of
<br /> Contracter's insurance and shall not be contributory with it.
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<br />9. Contractor shall provide, on the execution of this Agreement, a good and sufficient
<br /> corporate surety bond in the penal sum of one hundred percent (100%) of amount bid,
<br /> which bond shall be conditioned upon the faithful performance of all work required to be
<br /> performed by Contractor under this Agreement. Said bond shall be liable for any and all
<br /> penalties and obligations which may be incurred by Contractor under this Agreement.
<br /> Acceptance of the bond by the City is subject to the review and approval of the bond by
<br /> the City Attorney's office.
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<br /> 10. In addition to the bond required under Paragraph 9 hereof, Contractor shall furnish a good
<br /> and sufficient corporate surety bond in the penal sum of one hundred percent (100%) of
<br /> amount of bid, which bond shall conform strictly with the provisions of Chapter 7, Title
<br /> 15, Par~ 4, Division 3, of the Civil Code of the State of California, and all amendments
<br /> thereto. Acceptance of the bond by the City is subject to the review and approval of the
<br /> bond by the City Attorney's office.
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<br /> 11. Pursuant to California Public Contract Code Section 7100, the acceptance by Contractor of
<br /> an undisputed payment made under the terms of the Contract shall operate as, and shall be,
<br /> a release to City, and their duly authorized agents, from all claim of and/or liability to
<br /> Contractor arising by virtue of the Contract related to those amounts. Disputed contract
<br /> claims in stated amounts may be specifically excluded by Contractor from the operation of
<br /> the release.
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