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procured by OWNER.
<br />5.07 Waiver of Rights
<br />A. OWNER and CONTRACTOR intend that all
<br />policies purchased in accordance with paragraph 5.06
<br />will protect OWNER, CONTRACTOR,
<br />Subcontractors, ENGINEER, ENGINEER's Consul
<br />the Supplementary Conditions to be listed as insureds
<br />or additional insureds (and the officers, directors,
<br />partners, employees, agents, and othcr consultants,
<br />and subcontractors of each and any of them) in such
<br />policies and will provide primary coverage for all
<br />loses and damages caused by the perils or causes of
<br />loss covered thereby. All such policies shall contain
<br />provisions to the effect that in the event of payment of
<br />any loos or damage the insurers will have no rights of
<br />insureds thereunder. OWNER and CONTRACTOR
<br />waive all rights against each other and thei r
<br />respective officers, directors, partners, employees,
<br />agents, and other consultants and subcontractors of
<br />caused by, arising out of or resulting from any of the
<br />perils or causes of loos covered by such policies and
<br />any other property insurance applicable to the Work;
<br />and, in addition, waive all such rights against
<br />Subcontractors, ENGINEER, ENGINEER'S
<br />Consultants, and all other individuals or entities
<br />identified in the Supplementary Conditions to be listed
<br />as insureds or additional insureds (and the officers,
<br />directors, partners, employees, agents, and other
<br />them) under such policies for los—es and damages so
<br />caused. None of the above waivers shall extend to
<br />the rights that any party making such waiver may have
<br />to the proceeds of insurance held by OWNER as
<br />trustee or otherwise payable under any policy so
<br />i'sued.
<br />B. OWNER waives all rights against
<br />CONTRACTOR, Subcontractors, ENGINEER,
<br />partners, employees, agents, and othcr consultants
<br />and subcontractors of each and any of them for:
<br />loss due to business interruption, loses
<br />beyond direct physical looms or damage to
<br />A
<br />arising out of, or resulting from fire or other peril
<br />whether or not insured by OWNER; and
<br />2. loss or damage to the completed Pro
<br />ject or part thereof caused by, arising out of, or
<br />cause of looms covered by any property
<br />insurance maintained on the completed Project
<br />or part thereof by OWNER during partial
<br />utilization pursuant to paragraph 105, after
<br />14.04, or after final payment pursuant to
<br />paragraph 14.07.
<br />C. Any insurance policy maintained by OWNER
<br />covering any loss, damage or consequential los ,
<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 />insurers will have no rights of recovery against
<br />CONTRACTOR, Subcontractors, ENGINEER, or
<br />partners, employees, agents, and other consultants
<br />and subcontractors of each and any of them.
<br />5.08 Receipt and Application of Insurance
<br />Proceeds
<br />insurance required by paragraph 5.06 will be adjusted
<br />with OWNER and made payable to OWNER as
<br />fiduciary for the insureds, as their interests may
<br />mortgage clause and of paragraph 5.08.B. OWNER
<br />cha
<br />received and shall distribute it in accordance with such
<br />agreement as the parties in interest may reach. If no
<br />other special agreement is reached, the damaged
<br />Work shall be repaired or replaced, the moneys so
<br />received applied on account thereof, and the Work
<br />Change Order or Written Amendment.
<br />B. OWNER as fiduciary shall have power to
<br />adjust and settle any loss with the insurers unle"s one
<br />of the parties in interest shall object in writing within 15
<br />among thc parties in interest is r ached, OWNER as
<br />fiduciary shall adjust and settle the los., with the
<br />insurers and, if required in writing by any party in
<br />interest, OWNER as fiduciary shall give bond for 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 />objection to the coverage afforded by or othcr provi
<br />purchased and maintained by the other party in accor
<br />dance with Article 5 on the basis of non conformance
<br />with the Contract Documents, the objecting party shall
<br />so notify the other party in writing within 10 days after
<br />receipt of the certificates (or othcr evidence
<br />00700 - General Conditions REV 5-10-13
<br />00700 - 17
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<br />REV 5-10-13.doc
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