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SUPPLEMENTARY CONDITIONS Section 00800 15-1207 CHANGE reference to "Owner" to read "Contractor". §11.3.9 DELETE this paragraph in its entirety and SUBSTITUTE the following: §11.3.9 If required in writing by a party in interest, the Contractor as fiduciary shall, upon occurrence of an insured loss, give bond for proper performance of the Contractor's duties. The cost of required bonds shall be charged against proceeds received as fiduciary. The Contractor shall deposit in a separate account proceeds so received, which the Contractor shall distribute in accordance with such agreement as the parties in interest may reach or as determined in accordance with the method of binding dispute resolution selected in the Agreement between the Owner and Contractor. If after such loss no other special agreement is made and unless the Owner terminates the Contract for convenience, replacement of damaged property shall be performed by the Contractor after notification of a Change in the Work in accordance with Article 7. §11.3.10 MODIFY this paragraph as follows: CHANGE reference to "Owner" to read "Contractor" ", and "Contractor" to read "Owner". §11.4 PERFORMANCE BOND AND PAYMENT BOND §11.4.1 ADD the following paragraph: Simultaneously with the execution of the Owner -Contractor Agreement, the Contractor shall furnish a Labor and Materials Payment Bond and Faithful Performance Bond in the amount as indicated on the Notice to Contractors; said bonds shall be secured by a surety company satisfactory to the Owner and authorized to do business in the State of California. §11.5 GUARANTEE BOND Prior to final payment, the Contractor shall furnish a bond issued by a responsible corporate surety licensed to do business in the State of California and acceptable to the District securing the Contractor's performance of the guarantees. Such bond shall remain in full force and effect for a period of no less than two (2) years from and after recordation of a Notice of Completion or a Notice of Cessation of Work, and shall be in a sum no less than ten (10%) percent of the total amount of the final Contract Price. In lieu of such bond, the Contractor may submit a certified or cashier's check, cash or an irrevocable, unconditional letter of credit in a form acceptable to the District, or may extend the final withhold account on terms and conditions acceptable to the District to secure performance of the Contractor's obligations on the guarantee. ARTICLE 12 UNCOVERING AND CORRECTION OF WORK §12.1 UNCOVERING OF WORK §12.1.1 DELETE this paragraph in its entirety and SUBSTITUTE the following: 33