Common use of Renewal and Modification Clause in Contracts

Renewal and Modification. The SUBCONTRACTOR shall maintain in effect all insurance coverages required under this Agreement at the SUBCONTRACTOR's sole expense and with insurance companies acceptable to HOLLAND until final completion and acceptance of the entirety of the Work; or longer if so provided in the Agreement such as with respect to completed operations coverage. Should any insurance policy lapse or be canceled during the contract period, Subcontractor shall, prior to the effective expiration or cancellation date, furnish HOLLAND with evidence of renewal or replacement of the policy. Failure to continuously satisfy insurance requirements as herein provided is a material breach of contract. Certificates of insurance showing required coverage to be in force must be delivered to HOLLAND prior to commencement of the Subcontract Work. In the event the Subcontractor fails to obtain or maintain any insurance coverage required under this Agreement, this shall be considered a material breach of the contract, entitling HOLLAND, at its sole discretion, to purchase such equivalent coverage as desired for HOLLAND's benefit and charge the expense to the SUBCONTRACTOR, or, in the alternative, exercise all remedies otherwise provided in this Agreement, or as permitted by law or equity.