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be deemed necessary to assure proper accounting of all funds paid pursuant to any subsequent
<br /> contract or agreement. All costs charged to items performed under any subsequent contract or
<br /> agreement shall be supported by properly executed and clearly identified invoices, contracts,vouchers,
<br /> or checks evidencing in detail the nature and propriety of the charges. These records shall be subject at
<br /> all reasonable times of the normal business day to inspection, review,or audit by the Buyer,its
<br /> authorized representative(s),the US Secretary of Transportation,Comptroller,the State Auditor,or
<br /> other governmental officials authorized by law to monitor the contract or agreement and project site.
<br /> The Contractor's fiscal management system shall include the capability to provide accurate,current,and
<br /> complete disclosure of the financial status of any subsequent contract or agreement upon request.
<br /> Insurance
<br /> The Contractor and his subcontractors shall maintain Workmen's Compensation, Public
<br /> Liability, Property Damage,and Vehicle Liability Insurance in amounts and on terms
<br /> satisfactory to the Buyers and any specific insurance requirements noted in a procurement
<br /> solicitation. At a minimum,the following insurance requirements shall be met by the
<br /> Contractor. When applicable, more stringent,or revised insurance requirements may be
<br /> required.
<br /> The selected Contractor shall obtain and keep in force, at its own expense, during the full term
<br /> of any subsequent contract or agreement the following insurance coverage:
<br /> Statutory Workers'Compensation and Employer's Liability Insurance-All employees of the
<br /> Contractor performing work under any Contract or Agreement for this Project shall be insured
<br /> in the statutory amount required to comply with the laws of the State of Illinois, or their
<br /> respective State of incorporation, as appropriate.
<br /> Comprehensive Vehicle Liability Insurance -All vehicles used in conjunction with the
<br /> performance of any Project Agreement, whether owned, non-owned, leased, or hired shall be
<br /> insured; limits for bodily injury or death shall not be less than Five Hundred Thousand and
<br /> Zero One-Hundredths Dollars($500,000.00) per person and One Million and Zero One-
<br /> Hundredths Dollars($1,000,000.00) per occurrence, and property damage limits of not less
<br /> than Five Hundred Thousand and Zero One-Hundredths Dollars($500,000.00); or as an
<br /> alternative, not less than One Million and Zero One-Hundredths Dollars ($1,000,000.00)
<br /> combined single-limit coverage.
<br /> Comprehensive General Liability Insurance-When applicable,the Contractor shall maintain
<br /> this insurance with limits for bodily injury or death of not less than Five Hundred Thousand and
<br /> Zero One-hundredths Dollars($500,000.00) per incident, and One Million and Zero One-
<br /> hundredths Dollars($1,000,000.00)aggregate. This insurance coverage must cover at least the
<br /> following types of coverage:
<br /> Operations- Premises Liability;Independent Contractor's Liability;Broad Form Contractual
<br /> Liability, covering the Contractor's obligations under any contract or agreement for the Project;
<br /> Products Liability; Completed Operations Liability;Personal Injury Liability, including claims
<br /> arising from employees of the contractor;and Broad Form Property Damage Liability. Umbrella
<br /> Liability Insurance of not-less-than One Million Dollars($1,000,000.00).
<br /> All such insurance, when required, shall be provided by insurance companies having a Best's
<br /> rating of not less than A+XII, as shown in the most current issue of Best's Key Rating Guide,
<br /> Property-Casualty.
<br /> The Contractor shall indemnify and hold the Buyer harmless against any direct or indirect
<br /> damages that shall be suffered or claimed for injuries to persons or property during the
<br /> performance of the work described in any subsequent contract or agreement for this Project.
<br /> Notwithstanding, the Buyer reserves all claims or rights of action against the Contractor as may
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