4.7 SR 05-16-2022 - Laserfiche WebLink

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and accepted, the City will pay the Contractor. Such payment shall be made not later than thirty (30) days after completion, certification thereof, and invoicing by the Contractor. 7. PROMPT PAYMENT TO SUBCONTRACTORS. Pursuant to Minnesota Statute §471.425, Subd. 4a, the Contractor must pay any subcontractor within ten (10) days of the Contractor’s receipt of payment from the City for undisputed services provided by the subcontractor. The Contractor must pay interest of one and one-half percent (1½ %) per month or any part of a month to subcontractor on any undisputed amount not paid on time to the subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100.00 or more is $10.00. For an unpaid balance of less than $100.00, the Contractor shall pay the actual penalty due to the subcontractor. A subcontractor who prevails in a civil action to collect interest penalties from the Contractor shall be awarded its costs and disbursements, including attorney’s fees, incurred in bringing the action. 8. WORKER’S COMPENSATION. Pursuant to Minnesota Statute §176.182 Contractor must provide acceptable evidence of compliance with the state Workers’ Compensation insurance requirements for all its employees and, in case any work is subcontracted, Contractor will require the subcontractor to provide Workers’ Compensation insurance or acceptable evidence of compliance in accordance with the statutory requirements of the State of Minnesota. 9. COMMERCIAL GENERAL LIABILITY. Contractor shall obtain the following minimum insurance coverage by a single policy or a combination of policies (including umbrella policies) and maintain it at all times throughout the life of the Contract, with the City endorsed as an additional insured: Bodily Injury: $2,000,000 each occurrence $2,000,000 aggregate, products and completed operations Property Damage: $2,000,000 each occurrence $2,000,000 aggregate The Additional Insured coverage must be primary and non-contributory. Products and Completed Operations Insurance shall be maintained for a minimum period of three (3) years after final payment and Contractor shall continue to provide evidence of such coverage to City on an annual basis during the aforementioned period; or if any reason Contractor’s work ceases before final payment, for a minimum period of three (3) years from the date Contractor ceases work. Coverages must be equivalent to that provided by ISO Forms CG 20 10 04 13 and CG 20 37 04 13. Property Damage Liability Insurance shall include coverage for the following hazards: X (Explosion) C (Collapse) U (Underground) For any contract involving the repair, maintenance or construction of property that involves the provision of equipment, supplies or materials to the City for projects greater than $100,000, the Contractor shall obtain and maintain Builder’s Risk insurance in an amount not less than the project or contract cost. 2 221667v1