Common use of Acceptance of Bonds and Insurance; Option to Replace Clause in Contracts

Acceptance of Bonds and Insurance; Option to Replace. A. If either party has any objection to the coverage afforded by or other provisions of the Bonds or insurance required to be purchased and maintained by the other party in accordance with Article 5 on the basis of their not complying with the Contract Documents, the objecting party shall so notify the other party in writing within ten days after receipt of the certificates (or other evidence requested) required by paragraph 2.04.B. OWNER and DESIGN/BUILDER shall each provide to the other such additional information in respect of insurance provided as the other may reasonably request. If either party does not purchase or maintain all of the Bonds and insurance required of such party by the Contract Documents, such party shall notify the other party in writing of such failure to purchase prior to the start of the Work, or of such failure to maintain prior to any change in the required coverage. Without prejudice to any other right or remedy, the other party may elect to obtain equivalent Bonds or insurance to protect such other party's interests at the expense of the party who was supposed to provide such coverage, and a Change Order or Written Amendment shall be issued to adjust the Contract Price accordingly.

Acceptance of Bonds and Insurance; Option to Replace. A. If either party OWNER or CONTRACTOR has any objection to the coverage afforded by or other provisions provi- sions of the Bonds or insurance required to be purchased and maintained by the other party in accordance with Article 5 on the basis of their not complying nonconformance with the Contract Documents, the objecting party shall so notify the other party in writing within ten 10 days after receipt of the certificates (or other evidence requested) required by paragraph 2.04.B. 2.05.C. OWNER and DESIGN/BUILDER CONTRACTOR shall each provide to the other such additional information in respect of insurance provided as the other may reasonably request. If either party does not purchase or maintain all of the Bonds and insurance required of such party by the Contract Documents, such party shall notify the other party in writing of such failure to purchase prior to the start of the Work, or of such failure to maintain prior to any change in the required coverage. Without prejudice to any other right or remedy, the other party may elect to obtain equivalent Bonds or insurance to protect such other party's interests at the expense of the party who was supposed required to provide such coverage, and a Change Order or Written Amendment shall be issued to adjust the Contract Price accordingly.

Acceptance of Bonds and Insurance; Option to Replace. A. If either party Owner or Design/Builder has any objection to the coverage afforded by or other provisions of the Bonds or insurance required to be purchased and maintained by the other party in accordance with Article 5 on the basis of their not complying with the Contract Documents, the objecting party shall so notify the other party in writing within ten days after receipt of the certificates (or other evidence requested) required by paragraph 2.04.B. OWNER 2.04.C. Owner and DESIGNDesign/BUILDER Builder shall each provide to the other such additional information in respect of insurance provided as the other may reasonably request. If either neither party does not purchase or maintain all of the Bonds and insurance required of such party by the Contract Documents, such party shall notify the other party in writing of such failure to purchase prior to the start of the Work, or of such failure to maintain prior to any change in the required coverage. Without prejudice to any other right or remedy, the other party may elect to obtain equivalent Bonds or insurance to protect such other party's ’s interests at the expense of the party who was supposed to provide such coverage, and a Change Order or Written Amendment shall be issued to adjust the Contract Price accordingly.