SAILESH NAIR & ASSOCIATES
- 63 -
BOB, ANKALAV BRANCH, DIST. ANAND
1, DEFENCE KARMACHARI HSG. SOC. NR. UNITED COLONY, B/H. NAVRACHANA HIGH SCHOOL, SAMA,
VADODARA – 390 008 TELE-FAX. 0265 2784382 MOB : 9898072813 / 9427602817
and liabilities under this condition, insure at his cost and
expense against any damage or loss or injury which may be
caused to any person or property including the Employee or
servants of the
Bank and the
Architects and their property
by or in the course of the execution of the works. Such
insurance to be known as the Third Party Insurance shall be
in a sum equivalent to two percent of the estimated value of
the work, subject to the minimum sum of Rupees Two Lacs.
The Insurance policy to be so obtained by the Contractor
shall be deposited by the Contractor with the
Bank within
seven days of its issue by the insurer.
f) The Contractor shall provide the
Bank with documentary
evidence from time to time, that he has taken all the
insurance policies mentioned in the foregoing paragraphs
and that he has paid the necessary premia for keeping the
policies valid till the works are completed and handed over to
Bank.
g) The Contractor shall ensure that similar insurance policies
are taken out by his sub Contractors or nominated
Contractors, if any. The Contractor shall be responsible to
the
Bank or to any other person for any claim or loss
resulting from the failure of the Sub-contractors or nominated
Sub-Contractors to obtain such insurance policy. While
taking the insurance policies, Contractor should indicate
clearly to the insurance companies that policies issued
should cover their Sub-Contractors and nominated Sub-
Contractors also.
h) If the Contractor and/or his sub-Contractor or nominated Sub
Contractor, if any, shall fail to effect and keep in force the
insurance referred to above or any other insurance which
he/they may be required to effect under the terms of the
Contract, then in any such case, the
Bank may, without
being bound to effect and keep in force any such insurance
policy and pay such premium or premia, as may be
necessary for that purpose from time to time and deduct the
amount so paid by the
Bank from any money due or
becoming due to the Contractor recover the same as a debt
due from the Contractor.
i) All Insurance Policies shall be obtained from nationalized
Insurance Companies only.
j) Without prejudice to any of its obligations and responsibilities
under this condition, the Contractor shall, within 30 days from
the date of the Work Order and thereafter at the end of each
quarter submit a report to the
Bank in Proforma ‘C’ annexed
hereto the detailed information on the Insurance Policies as
prescribed in the said proforma together with relevant
documentary evidence.
SAILESH NAIR & ASSOCIATES
- 64 -
BOB, ANKALAV BRANCH, DIST. ANAND
1, DEFENCE KARMACHARI HSG. SOC. NR. UNITED COLONY, B/H. NAVRACHANA HIGH SCHOOL, SAMA,
VADODARA – 390 008 TELE-FAX. 0265 2784382 MOB : 9898072813 / 9427602817
k) No work shall be commenced by the Contractor unless and
until he has obtained the insurance or insurance required to
be obtained by him under or by the foregoing clauses and no
work shall be carried out or continued by the Contractor
unless and until such insurance is current and valid at that
time. All the receipts in original along with two photocopies
thereof, for the payment of the premia shall be furnished by
the Contractor to the
Bank. The original receipts will be
returned to the Contractor after verification. The
Bank
reserves the right for payment for works done subject to
fulfillment of this condition and shall instruct the
Architect
accordingly.
l) In the event of any claim for insurance becoming due on
account of any eventuality covered by the respective
insurance policy/policies, the Contractor shall reinstate the
installation, replace the materials or equipment’s or pay
compensations to the affected personnel/ Employees or their
legal heirs without waiting for settlement of the claim from
insurance company.
m) If the Contractor shall not perform and observe any of the
duties and obligations devolving upon him hereunder, and
such omission or breach by the Contractor shall involve the
Bank in any liability tortuous or otherwise and/or loss or
damage, the
Bank shall be entitled to the restitution of such
loss or damage and shall be entitled to recover the amount
of restitution from any moneys due to the Contractor from the
Bank under this Contract or any other Contract.
n) Upon taking possession of the works under the Contract, the
Bank shall take out parallel insurance, to insure all persons
who are not the Contractor’s or the Sub-Contractor’s or the
nominated Sub-Contractors or the Project Management
Consultant’s staff or the agent of the
Banks authorised
representatives on getting the occupation certificate, the
Bank will maintain their own insurance Policy and the
Contractors will cease to be responsible for the insurance of
Bank's personnel.
o) The Contractor shall ensure the validity of the insurance
Policies. The Contractors shall hand over the insurance
policies to the
Bank through the
Architect. Once delays are
certified by the
Architect, he shall have to ensure that the
insurance Policies are progressively extended.
p) The
Banks’ insurance Policy shall cover the risk for Banks’
agents, Consultants,
Architect etc. appointed by the
Bank.
q) The
Bank shall insure the building in totality on obtaining
possession of the building and other structures.
Insurance in respect of damages to persons & property