Laserfiche WebLink
2. 1000 CONTRACT BONDS <br /> The Contractor shall furnish two good and sufficient bonds: <br /> 1. A faithful performance bond in the amount of one hundred <br /> percent (100%) of the contract price; and <br /> 2. A labor and materials bond in the amount of fifty percent <br /> (50%) of the contract price. <br /> These bonds will be required at the time the signed contract is <br /> returned to the City. <br /> 2.1100 NOTIFICATION OF SURETY COMPANIES <br /> The surety companies shall familiarize themselves with all the <br /> provisions and conditions of the contract. It is understood and <br /> agreed that they waive the right of special notification of any <br /> modifications or alterations , omissions or reductions, extra or <br /> additional work, extensions of time or any other act or acts by <br /> the City of Lodi or its authorized agents under the terms of the <br /> contract; and failure to so notify the surety companies of such <br /> changes shall in no way relieve the surety or sureties of their <br /> obligations under this contract. <br /> 2.1200 INSURANCE CERTIFICATE <br /> The Contractor shall furnish a certificate of insurance to the <br /> City of Lodi in accordance with Section 5.413, "Public Liability <br /> and Property Damage Insurance" , and Section 5.414, "Compensation <br /> Insurance" , of the General Provisions at the time the signed <br /> contract is returned to the City. <br /> 2.1300 WORKER' S COMPENSATION INSURANCE <br /> The Contractor shall carry full Worker' s Compensation Insurance <br /> coverage for all persons employed in carrying out the work, <br /> including subcontractor' s employees , under this contract in <br /> accordance with the "Worker' s Compensation and Insurance Act" , <br /> Division IV of the Labor Code of the State of California and any <br /> acts amendatory thereof. <br /> 2.3 <br /> TANK2/TXTW.02M <br />