The Construction Contract. The Builder shall ensure that the construction contract for the Construction Plans for the Facilities contains the following: a. Construction of the Facilities will begin on or before 90 days after the Effective Date unless an alternative time to initiate construction has been approved in writing by the Executive Director. b. A Maintenance Surety consistent with Toho’s current standards and specifications pursuant to Section 10 of this Agreement, which Maintenance Surety shall be in force and effect for a period of one year after the date of the ▇▇▇▇ of Sale. c. A performance bond and a payment bond pursuant to Section 10 of this Agreement, which bond shall be in the amount of the value of the construction contract. The performance bond shall ensure that the construction contractor fully, timely, and faithfully performs the construction contract and all obligations thereunder. The payment bond shall ensure that the construction contractor shall promptly make payment to all persons supplying services, labor material, or supplies used directly or indirectly by the construction contractor or any subcontractor(s) in the prosecution of the work provided for in the construction contract. d. That Toho is a third-party beneficiary and additional insured in all contracts, bonds, and other related instruments. e. That proof of the bonds and certificates of insurance be provided to Toho prior to beginning construction, both new and existing. f. That the construction contractor keep the Facilities free and clear of dirt and construction debris during construction.
Appears in 3 contracts
Sources: Utility Line Extension Agreement, Utility Line Extension Agreement, Utility Line Extension Agreement