TranSystems Corporation - LGM Construction

which case Contractor will be responsible for the amount of the deductible established under the
terms of that policy. Moreover, if either (i) FedEx does not have in force the builder’s risk
insurance required by virtue of the terms of this Section 20.06 at the time that damage occurs to
the Project or (ii) the damage occurs to the Project by reason of a peril identified as an excluded
risk in the policy of property insurance that FedEx maintains in force in accordance with the
terms of this Section 20.06, Contractor has no obligation to incur any costs in connection with
the restoration of that damage unless FedEx makes a written commitment to pay to Contractor as
the restoration of the Project progresses all reasonable costs that Contractor reasonably incurs in
connection with the restoration of that damage.
Section 20.07. Waiver of Claims.
Each party waives and releases, to the extent of the
proceeds that are or would be payable to it in respect of the policies of property insurance that it
maintains in force with respect to its property, all rights of recovery, claim, action or cause of
action that it may now or later have against the other or the other's agents, officers and employees
by virtue of any loss or damage that may occur to its property, including, without limitation, the
Project and equipment used in the performance of the Work, as applicable, regardless of cause or
origin, including, without limitation, the negligence of the other party or any of its respective
representatives, agents, employees, contractors, subcontractors and invitees.
ARTICLE 21
BONDS
Section 21.01. Contractor's Bonds.
Contractor shall furnish and keep in force throughout
the performance of the Work a performance bond and a labor and material payment bond in the
amount of the Contractor’s Fee, as it may be modified from time to time. Each bond must name
FedEx, Landlord and each Designated Lender as obligees and must be in such form as FedEx
approves. Each bond must be executed by a surety that is authorized to do business and licensed
to execute bonds as surety in the state in which the Project is located, that is listed in the Federal
Register as a surety the United States Department of the Treasury has approved, and that FedEx
approves. The Contractor’s Fee includes the cost of those bonds.
ARTICLE 22
INDEMNIFICATION
Section 22.01. General Indemnification.
Contractor shall indemnify, defend and hold
FedEx, and its respective officers, directors and employees harmless from and against all
liabilities, damages, losses, expenses, demands, claims, suits or judgments, including reasonable
attorneys' fees and expenses, that may be asserted against, or sustained by, any of them by reason
of:
(i) the death of or bodily injury to any person or the loss of, damage to
or destruction of any property in any manner arising out of the
willful misconduct or negligent acts or omissions of Contractor,
the Subcontractors, the respective agents and employees of
Contractor and the Subcontractors or any other person for whose
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