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4. TERM OF AGREEMENT. <br /> 4.1 This Agreement shall remain in effect for a term of two (2) years, unless <br /> otherwise sooner terminated as provided herein. The Initial Term may be extended by <br /> mutual consent of the parties hereto for a maximum two additional one-year terms. <br /> 4.2 The time for completion of each Project shall be defined in the Work <br /> Authorization. <br /> 5. COMPENSATION. <br /> 5.1 Work Authorizations that are less than $100,000.00 may not require a Public <br /> Construction Bond; however, pursuant to The Code of Indian River County, Indian River <br /> County as Owner shall make only one payment for the entire amount of the related <br /> applicable Work Authorization when the terms of the related applicable Work Authorization <br /> have been fulfilled. Upon a determination of satisfactory completion, the COUNTY <br /> Project Manager will authorize payment to be made. All payments for services shall be <br /> made to the CONTRACTOR by the COUNTY in accordance with the Local Government <br /> Prompt Payment Act, as may be amended from time to time (Section 218.70, Florida <br /> Statutes, et seq.). <br /> 6. INSURANCE AND INDEMNIFICATION. <br /> 6.1 The CONTRACTOR shall not commence work on this Agreement until it <br /> has obtained all insurance required under this Agreement and such insurance has been <br /> approved by the COUNTY's Risk Manager. <br /> 6.2 CONTRACTOR shall procure and maintain, for the duration of this <br /> Agreement, the minimum insurance coverage as set forth herein. The cost of such <br /> insurance shall be included in the CONTRACTOR's fee: <br /> 6.2.1 Workers' Compensation: To meet statutory limits in compliance with the <br /> Workers' Compensation Law of Florida. This policy must include employers' liability <br /> with a limit $1,000,000 for each accident, $500,000 disease policy limit and $100,000 <br /> disease each employee. Such policy shall include a waiver of subrogation as against <br /> Owner on account of injury sustained by an employee(s) of the CONTRACTOR. <br /> 6.2.2 General Liability: A per occurrence form policy, including Premise <br /> Operations, Independent Contractors, Products and Completed Operations including X, <br /> C, U (Explosion, Collapse, Underground) Broad Form Property Damage, Broad Form <br /> Property Damage Endorsement, with a combined single limit of not less than <br /> $1,000,000 general aggregate to include products/completed operations, personal <br /> injury/advertising liability, fire damage /legal liability, and medical payments. Limits can <br /> be layered with an Excess Liability Policy (Umbrella). <br /> 6.2.3 Business Automobile Liability: Coverage shall include Owned vehicles and <br /> Hired/Non-Owned vehicles, for a combined single limit (bodily injury and property <br /> damage) of not less than $1,000,000/combined single limit (Bodily Injury/Property <br /> 0530-6 <br /> B:\2014-2015 FY(2015000)\2015001 -Annual Utilities Labor Contract\00530 General Agreement.doc <br />