Failure to Procure. The Contractor's failure to procure and maintain the required liability insurance or to provide proof thereof to Administrator within 30 days following the commencement of a new policy period, shall constitute a material breach of this Agreement upon which Administrator may obtain coverage and adjust Contractor’s payments to reflect cost of policy and acquisition or terminate this Agreement. Prior to the Date of this Agreement, the Contractor shall furnish Administrator with copies of the State of Arizona Certificate of Insurance (RM7200.1) or a certificate of substantially the same content.
Appears in 2 contracts
Sources: Housing Acquisition and Rehabilitation Agreement, Housing Acquisition and/or Renovation Agreement