Agmt11 Dave Stephenson Painting, Inc.

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deductibles or self-insured retentions with respect to City, its Council, commissions, boards, committees, officers, employees and agents or Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. Concurrently with the execution of this Agreement, Contractor shall furnish City with certificates and copies of information or declaration pages of the insurance required hereunder and, with respect to evidence of commercial general liability and automobile liability insurance coverage, original endorsements: (a) Precluding cancellation or reduction in coverage before the expiration of � thirty (30) days after City shall have received written notification of cancellation or reduction in coverage by first class mail, postage prepaid; (b) Providing that Contractor's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability (cross liability endorsements); (c) Naming City, its Council, commissions, boards, committees, officers, employees and agents as additional insureds; and (d) Providing that Contractor's insurance shall be primary insurance relating to Contractor's work hereunder with respect to City, its Council, commissions, boards, committees, officers, employees and Agents, and further providing that any insurance or self-insurance maintained by City for itself, its Council, commissions, boards, committees, officers, employees and agents shall not be excess of Contractor's insurance and shall not be contributory with it. 9. Contractor shall provide, on the execution of this Agreement, a good and sufficient corporate surety bond in the penal sum of one hundred percent (100%) of amount bid, which bond shall be conditioned upon the faithful performance of all work required to be performed by Contractor under this Agreement. Said bond shall be liable for any and all penalties and obligations which may be incurred by Contractor under this Agreement. Acceptance of the bond by the City is subject to the review and approval of the bond by the City Attorney's office. 10. In addition to the bond required under Paragraph 9 hereof, Contractor shall furnish a good and sufficient corporate surety bond in the penal sum of one hundred percent (100%) of amount of bid, which bond shall conform strictly with the provisions of Chapter 7, Title 15, Part 4, Division 3, of the Civil Code of the State of California, and all amendments thereto. Acceptance of the bond by the City is subject to the review and approval of the bond by the City Attorney's office. 11. Pursuant to California Public Contract Code Section 7100, the acceptance by Contractor of an undisputed payment made under the terms of the Contract shall operate as, and shall be, a release to City, and their duly authorized agents, from all claim of and/or liability to Contractor arising by virtue of the Contract related to those amounts. Disputed contract claims in stated amounts may be specifically excluded by Contractor from the operation of the release. 12. The Contractor may substitute securities for the amounts retained by the City to ensure performance of the Contract in accordance with the provisions of Section 22300 of the Public Contract Code. 6