Laserfiche WebLink
2004059.34 <br />discharge any past obligation, duty or liability of Trade Contractor under any contract or <br />agreement, by reason of the existence of or exercise of the Conditional Assignment and <br />Undertaking to Continue Performance. <br />6.2.5 Provisions Included in Subcontracts. Purchase Orders and Other Contracts and Agreements. <br />Trade Contractor shall include the provisions of this Section 6 in all its Trade Contracts, purchase <br />orders and other contracts and agreements relative to Trade Contractor's Work. Trade Contractor <br />shall furnish proof of compliance with this Section 6 in a form satisfactory to SIGNATURE. <br />SECTION 7 <br />Bonding of Trade Contractor <br />7.1 Requirement of Bonds: If Attachment A, paragraph B requires Trade Contractor to be bonded, Trade <br />Contractor shall obtain and submit to SIGNATURE all required bonds. <br />7.2 Changes Will Not Invalidate Bonds: Additions to or reductions from the Trade Contract Price, or other <br />modifications of Trade Contractor's Work shall not invalidate or impair any rights of SIGNATURE under <br />any bond furnished by Trade Contractor. - <br />7.3 Requirements in Absence of Bonds: If SIGNATURE does not initially require Trade Contractor to <br />furnish bonds, but prior to or after commencement of Trade Contractor's Work, Trade Contractor's <br />financial condition materially changes, in addition to any other right of SIGNATURE hereunder, <br />SIGNATURE may elect one or more of the following alternatives: <br />(a) require Trade Contractor to submit a current audited financial statement in a form acceptable to <br />SIGNATURE; <br />(b) require Trade Contractor to furnish bonds in an amount and form acceptable to SIGNATURE; <br />(c) require Trade Contractor to furnish an irrevocable letter of credit or other security acceptable to <br />SIGNATURE; or <br />(d) increase retainage to an amount sufficient to protect SIGNATURE's interests. <br />7.4 SIGNATURE's Rights: If Trade Contractor fails: to furnish a bond to SIGNATURE in acceptable form <br />within the time specified in Section 6.1.3; or to consent to the provisions of this Section 7 above, upon five <br />(5) days written notice, SIGNATURE may terminate this Trade Contract in accordance with the provisions <br />of Section 19. <br />SECTION 8 <br />Insurance Requirements <br />8.1 Insurance Coverage: Prior to the commencement of Trade Contractor's Work, Trade Contractor shall, at <br />its own expense purchase and maintain in force the insurance coverages set forth in Attachment C. If, for <br />its own purposes, Trade Contractor determines that it requires insurance coverages in excess of the <br />coverage specified in Attachment C, Trade Contractor, at its own expense, may purchase insurance <br />coverages in excess of the coverage required by this Trade Contract. <br />8.2 Adequacy of Insurance: SIGNATURE does not represent that the insurance coverage specified herein, <br />whether in scope of coverage or amounts of coverage, is adequate to satisfy Trade Contractor's obligations <br />under this Trade Contract and Trade Contractor shall be solely responsible for any deficiencies therein. <br />Nothing in this Section 8 shall be construed to limit Trade Contractor's liability under this Trade Contract. <br />8.3 Evidence of Insurance: Prior to commencement of its Work, Trade Contractor shall submit to <br />SIGNATURE satisfactory evidence of insurance. <br />Initial A / Vk <br />