COM 0660.000 2020-2022 - Laserfiche WebLink

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(ii) The Contractor and the Subcontractors shall be duly licensed to perform all areas of Work being performed by them. 1 (iii) The Contract shall name the County as a third-party beneficiary thereunder, with the understanding that, upon issuance of the initial series of Bonds, the County may pledge and assign its interest in the Contract to the Bond Trustee as security for the Bonds. As third-party beneficiary, the County or the Bond Trustee (as applicable) shall have the right, but not the obligation, to act in the place of the Developer with respect to the Work under the Contract in the event that the Developer is in default under this Agreement. (iv) The Contract and the Subcontracts shall comply with the requirements of Chapter 104, Hawaii Revised Statutes. Without limiting the generality of the foregoing, the Contract and Subcontracts shall require the Contractor and Subcontractors to submit certified payroll data verifying compliance with the prevailing wage requirements of such r Chapter to DEM's reasonable satisfaction in connection with each applicable Payment a Request. (v) The Developer shall require the Contractor to post and provide performance and payment bonds assuring that the Contract shall be fully and faithfully performed in accordance with its terms, and that all material suppliers, Subcontractors and the Contractor's employees will be paid. Such bonds shall be issued by sureties qualified to issue bonds in the State of Hawaii, shall be issued in an amount equal to 100% of the contract price for the Work under the Contract, and shall otherwise be in form and substance satisfactory to DEM. I (vi) The Developer shall also require the Contractor to warrant that the Improvements shall be free of defects and faults in materials, workmanship and design for a one-year period commencing upon the County's acceptance of dedication of the Improvements. The Developer shall assign such warranty to the County and shall also 3 require the Contractor to post and provide a maintenance bond with respect thereto, which shall be issued by a surety licensed to issue bonds in the State of Hawaii, be issued in an amount not less than 10% of the contract price for the Work under the Contract, and shall otherwise be in form and substance satisfactory to DEM. (vii) The Developer shall also require the Contractor to obtain and maintain the a following insurance coverages, in form and substance satisfactory to DEM: (A) Builder's Risk 1 Installation Floater, naming the County as an additional insured and loss payee, covering contractor's labor, materials and equipment to be used for completion of the Work against all risks of direct physical loss, excluding earthquake .and flood, for an amount equal to the full insurable replacement cost of the Improvements; (B) Commercial General Liability Insurance policy, naming the County and its officials a and employees as additional insureds, providing coverage on an occurrence basis in an amount not less than $1,000,000 (bodily injury and property damage, each occurrence) and $2,000,000 (general aggregate on a Per Project basis), $2,000,000 i 7