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1 2) Company shall comply with all requirements of the insurers issuing <br />2 policies. The carrying of insurance shall not relieve Company from any <br />3 obligation under this Agreement. If any claim exceeding the amount of <br />4 any deductibles or self-insured reserves is made by any third person <br />5 against Company or any contractor or subcontractor on account of any <br />6 occurrence related to this Agreement, Company shall promptly report the <br />7 facts in writing to the insurance carrier and to Agency. <br />8 If Company fails to procure and maintain any insurance required by this <br />9 Agreement, Agency may take out and maintain, at Company's expense, <br />10 such insurance as it may deem proper and deduct the cost thereof from <br />1! any moneys due Company. <br /> <br />12 8.5 Faithful Performance Bond <br />13 Simultaneously with the execution of this Agreement, Company shall file with <br />14 Agency a cash bond or letter of credit, payable to Agency, securing Company's <br />15 faithful performance of its obligations under this Agreement. The principal sum <br />16 of the bond shall be One Hundred Thousand Dollars ($100,000). <br /> <br /> Page48 8/2/96 <br /> <br /> <br />