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ARTICLE 2. The Contractor agrees and (a) does herewith deposit with the Supervisor its certified check equal to double the value of such uncompleted work as detailed in Article 1 of this agreement. ARTICLE 3. The Contractor covenants and agrees to proceed to complete the uncompleted portion of the contract immediately upon notice from the Supervisor to do so and to complete the same to the satisfaction of the Supervisor within a stated number of days to be specified by the Supervisor and in accordance with the contract documents. Upon completion, the Supervisor shall return the said deposit to the Contractor, but subject to and also excepting herein otherwise provided. ARTICLE 4. The Contractor agrees to pay the Town, unless waived by the Supervisor, the expense actually incurred for engineering and inspection of any uncompleted work performed after the completion date of the contract, until such work shall have been completed and accepted by the Town. The Contractor further agrees that such engineering and inspection expense may be deducted by the Town from said deposit with the balance, if any, returned to the Contractor; or where securities have been deposited in lieu of a certified check, the Contractor shall submit a certified check in the amount of the expense so incurred, payable to the Town, prior to any such securities being released by the Town. ARTICLE 5. In case of any failure or omission of performance on the part of the Contractor, then and in such event the Supervisor shall use the said deposit to complete the uncompleted portion of the contract by such means or method as may, in his/her judgment, be for the best interests of the Town. Any balance of said deposit that shall remain after the Supervisor invokes the procedure in this Article shall be returned to the Contractor, but subject to and also excepting as herein otherwise provided. If the cost of completing the uncompleted work exceeds the amount deposited, the Contractor shall pay such excess to the Town upon demand by the Supervisor. ARTICLE 6. The Contractor agrees to procure and maintain, at its own expense, until final acceptance by the Town of the work covered by this Agreement, insurance for liability for damages imposed by law, in insurance companies authorized to do such business in the Town covering all operations under this Agreement, whether performed by the Contractor or its Subcontractors. Before commencing any work under this Agreement, the Contractor agrees to furnish to the Supervisor a certificate or certificates of insurance, in a form satisfactory to the Supervisor showing that the Contractor has complied with the provisions of this Article, which certificate or certificates shall provide that the policies shall not be changed or cancelled until 30 days written notice has been given to the Supervisor. The kinds and amounts of insurance are as specified in Standard Specifications §107-06 Insurance. ® DESIGN co _|| | | | SHAPING TOMORROW TOGETHER Wwww.azardzn.com | Hispanic MBE/ DBE