4. HRSR 12-12-2011 - Laserfiche WebLink

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policy shall provide total liability limits for combined Bodily Injury and Property Damage in the amount of at least $2,000,000 per accident, which total limits may be satisfied by the limits afforded under such policy, or by such policy in combination with the limits afforded by an Umbrella Liability Policy (or policies) provided, however, that the coverage afforded under any such Umbrella Liability Policy shall be at least as broad as that afforded by the underlying automobile liability insurance policy. The City and the HRA shall be named as "additional insured" parties with respect to the insurance policies specified in (b) and (c) above. The Contractor shall not commence any work until a Certificate of Insurance evidencing all of the insurance policies required above is approved by the HRA and a written Notice to Proceed is issued by an authorized representative of the HRA. The HRA shall, at any time during the term of this Contract, have the right to require that the Contractor secure any additional insurance, or additional feature to existing insurance, as the HRA may reasonably require for the protection of its interests or those of the public. It is expressly understood that the HRA does not in any way represent that the minimum insurance coverage set forth in this Section is sufficient or adequate to protect the interest or liabilities of the Contractor. Section 17. Bonds 17.1. Before undertaking any work under this Contract, the Contractor shall provide the HRA with a performance and payment bond for the Contract Price in accordance with the Public Contractors' Performance and Payment Bond Act set forth in Minnesota Statutes Chapter 574. The bonds must be non-revocable and otherwise in a form acceptable to the H1ZA. The Contractor is responsible for ensuring that the required bonds are in effect over the entire term of this Contract. Section 18. Subcontractors 18.1. The Contractor agrees to bind every subcontractor by the terms, conditions, and provisions set forth in the Contract that are applicable to the subcontractor's work, unless otherwise specifically agreed otherwise in writing by the HRA. 18.2. The Contractor agrees to pay every subcontractor within 10 days of receipt of payment from the HRA pursuant to Minnesota Statutes Section 471.425, subdivision 4a. The Contractor must pay interest of one and one half `percent per month or any part of a month to the subcontractor on any undisputed amount not paid on time to the subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100 or more shall be $10. For an unpaid balance of $100 or less, the Contractor shall pay the actual penalty due to the subcontractor. 18.3. The Contractor shall protect, defend, indemnify, and hold harmless the City and the HRA from any and all claims, demands, or actions of whatever nature arising out of work, labor, equipment, or materials furnished by the Contractor or its 9