Asphalt Overlay of CDC Roads - Clark Freeport Zone

evidence and such policies shall be provided to the Procuring Entity’sthrough the Procuring Entity’s Representative.15.3. The Contractor shall notify the insurers of changes in the nature,extent, or program for the execution of the Works and ensure theadequacy of the insurances at all times in accordance with the terms ofthis Contract and shall produce to the Procuring Entity’s Representativethe insurance policies in force including the receipts for payment of thecurrent premiums.The above insurance policies shall be obtained from any reputableinsurance company approved by the Procuring Entity’s Representative.15.4. If the Contractor fails to obtain and keep in force the insurancesreferred to herein or any other insurance which he may be required toobtain under the terms of this Contract, the Procuring Entity mayobtain and keep in force any such insurances and pay such premiumsas may be necessary for the purpose. From time to time, theProcuring Entity may deduct the amount it shall pay for said premiumsincluding twenty five percent (25%) therein from any monies due, orwhich may become due, to the Contractor, without prejudice to theProcuring Entity exercising its right to impose other sanctions againstthe Contractor pursuant to the provisions of this Contract.15.5. In the event the Contractor fails to observe the above safeguards, theProcuring Entity may, at the Contractor’s expense, take whatevermeasure is deemed necessary for its protection and that of theContractor’s personnel and third parties, and/or order the interruptionof dangerous Works. In addition, the Procuring Entity may refuse tomake the payments under GCC Clause 40 until the Contractor complieswith this Clause.15.6. The Contractor shall immediately replace the insurance policy obtainedas required in this Contract, without need of the Procuring Entity’sdemand, with a new policy issued by a new insurance companyacceptable to the Procuring Entity for any of the following grounds:(a)The issuer of the insurance policy to be replaced has:(i)(ii)(iii)become bankrupt;been placed under receivership or under a managementcommittee;been sued for suspension of payment; or(iv)Clark Development Corporationbeen suspended by the Insurance Commission and itslicense to engage in business or its authority to issueinsurance policies cancelled; or54Section IV General Conditions of the ContractAsphalt Overlay of CDC Roads