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' Contractor . Notwithstanding any other provisions of the contract , the Agency shall not be obligated to accept or to pay for any work furnished by the Contractor prior to delivery of Notice To Proceed whether or not the Agency has knowledge of the furnishing of such work . The Contractor shall not be allowed on the site of the work until his contract bonds and ' evidences of insurance comply with all contract requirements. G3. 05 Contract Bonds. As a part of the execution of the contract, the Contractor shall furnish two bonds each in the amount of 100 percent of the contract price, one as security for the faithful performance of the work and the other as security for the faithful payment and satisfaction of all persons furnishing materials and performing labor on the work. The bonds shall be issued by a corporation duly and legally licensed to transact surety business in the State of California. Such bonds shall remain in force throughout the period required to complete the work and thereafter for a period of 365 days after final acceptance of the work to cover any defects in workmanship, materials, or equipment which develop in that time. The bond must be executed by a duly licensed surety company which is acceptable to the Agency and must be accompanied by a current Power of Attorney showing the authority of the attorney-in-fact to execute the bonds. If , during the continuance of the contract , any of the sureties upon the faithful performance bond and the labor and materials payment bond, in the opinion of the Engineer , are or become insufficient , the Engineer may require additional sufficient sureties which the Contractor shall furnish to the satisfaction of the Engineer within 5 days after notice and in default thereof, the contract may be suspended. The requirements set forth in the above provisions are in no way a waiver of the Agency' s rights against the Contractor or suppliers for any deficiency, negligence, or omission which may be subsequently discovered. tG3.06 Insurance. Also as a part of the execution of the contract, the Contractor shall furnish a certificate or certificates substantiating the fact that he has taken out the specified insurance for the period covered by the contract with an insurance carrier acceptable to the Agency . Each certificate shall bear an endorsement precluding the cancellation or ' reduction in coverage of any policy covered by such certificate before the expiration of thirty days after the Agency shall have received notification of such cancellation or reduction by registered mail. Nothing contained in this Section shall be construed as limiting in any way the extent to which the Contractor may be held responsible for payment of damages resulting from his G-9