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directors, partners, employees, agents, and other <br />them) under such policies for losses and damages so <br />trustee or otherwise payable under any policy ,o <br />isvued. <br />B. OWNER waives all rights against <br />CONTRACTOR, Subcontractors, ENGINEER, <br />MP <br />re <br />loos due to busincsc interruption, loso <br />beyond direct physical loss or damage to <br />arising out of, or resulting from fire or other peril <br />2. Iosc or damage to thc completed Pro <br />ject or part thereof caused by, arising out of, or <br />muse of low covered by any property <br />or part thereof by OWNER during partial <br />utilization pursuant to paragraph 11.05, after <br />11.01, or after final payment pursuant to <br />C. Any insurance policy maintained by OWNER <br />referred to in paragraph 5.07.B shall contain <br />provisions to the effect that in the event of payment of <br />any such loss, damage, or consequential loss, thc <br />CONTRACTOR, Subcontractors, ENGINEER, or <br />ENGINEER's Consultants and the officers, directors, <br />partners, employees, agents, and other consultants <br />5.08 Receipt and Application of Insurance <br />Proceeds <br />A. Any insured loss under the policies of <br />fiduciary for the insureds, as their interests may <br />• <br />• <br />._ •- <br />• <br />1 , • <br />agreement as the parties in interest may reach. If no <br />Work shall be repaired or replaced, the moneys so <br />and the cost thereof covered by an appropriate <br />Change Order or Written Amendment. <br />B. OWNER as fiduciary shall have power to <br />adjust and settle any losc with thc insurers unlcsc ono <br />exercise of this power. If such objection be made, <br />parties in interest may reach. If ne such agreement <br />fiduciary shall adjust and settle the Toss with the <br />proper performance of such duties. <br />5.09 Acceptance of Bonds and Insurance; Option <br />to Replace <br />A. If either OWNER or CONTRACTOR has any <br />-- • • • . • _ -• •— a <br />• <br />• <br />a <br />• <br />receipt of the certificates (or other evidence <br />requested) required by paragraph 2.05.C. OWNER <br />and CONTRACTOR shall each provide to the other <br />la <br />• <br />Bonds and insurance required of such party by thc <br />party in writing of such failure to purchase prior to thc <br />any change in the required coverage. Without <br />prejudice to any other right or remedy, the other party <br />may elect to obtain equivalent Bonds or insurance to <br />protect such other party's interests at the expense of <br />Contract Price accordingly. <br />5.10 Partial Utilization, Acknowledgment of <br />Property Insurer <br />A. If OWNER finds it necessary to occupy or use <br />a portion or portions of the Work prior to Substantial <br />Completion of all the Work as provided in paragraph <br />14.05, no such use or occupancy shall commence <br />before the insurers providing the property insurance <br />pursuant to paragraph 5.06 have acknowledged notice <br />thereof and in writing effected any changes in cover- <br />age necessitated thereby. The insurers providing the <br />property insurance shall consent by endorsement on <br />the policy or policies, but the property insurance shall <br />not be canceled or permitted to lapse on account of <br />any such partial use or occupancy. <br />00700 - General Conditions REV S-1O-13.doc <br />00700 - 17 <br />F:\Public Works\ENGINEERING DIVISION PROJECTS\1213-IRC Shooting Range -Skeet 8 Trap Improvemnts 8 Hunters Train Bldg\Admim\bid documents\Contract Documents\00700 - <br />General Conditions REV 5-10-13.doc <br />