Common use of Additional Types of Insurance Clause in Contracts

Additional Types of Insurance. CONTRACTOR shall provide such other types of insurance as may be required in writing by CUSTOMER in the performance of Services under this Contract. CONTRACTOR shall furnish both a Performance Bond and a Labor and Material Payment Bond in the amount of the Installation Costs. Such bonds shall be in the form provided by the CUSTOMER and executed by a corporate surety licensed by the Commonwealth of Massachusetts Division of Insurance and whose name appears on United States Treasury Department Circular 570. The expense of these bonds shall be borne by CONTRACTOR and the bonds shall be submitted to CUSTOMER at the time of Contract execution. Such executed bonds are incorporated herein by reference as Exhibit II (Performance Bond) and Exhibit III (Labor and Material Payment Bond). If, at any time, a Surety on such a bond becomes irresponsible or loses its right to do business in the Commonwealth of Massachusetts, another Surety shall be required, and CONTRACTOR shall furnish new executed bonds to CUSTOMER within ten calendar (10) days of receipt of notice by CONTRACTOR of such event. Upon request, DCAMM will grant release of bonds following the completion of the Design and Installation Term.