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"Substantial Completion" shall be the earlier of the date the restaurant opens for business or the date a certificate of Occupancy is issued. written requests for extensions of time shall be given to Owner by Contractor within five (5) days after the occurrence of the basis for the extension request. No such request shall be deemed granted unless expressly agreed to by Owner in writing. 5. Performance and Payment Bonds. Contractor will provide Owner with payment and performance bonds in the full amount of the Contract Sum plus any legal fees, interest, increased costs and expenses which Owner may incur to enforce or complete this Contract or the Work, in accordance with the plans and specif ications, and such bonds will provide that the Work, at all times, will be free and clear of all liens of workers, material suppliers, subcontractors or others due to any activity of Contractor. The bonds shall name Owner as obligee and shall be on a form and with a surety company approved by Owner. At Owner's election, Contractor shall furnish Owner (within five (5) business days of Owner's requests as same are made from time to time) with information deemed necessary by Owner to show that Contractor is financially solvent and capable of fully performing under this Contract. If, in Owner's judgment, Contractor is found not financially responsible or capable, then Owner may, by written notice, terminate this Contract without further obligation to Contractor other than to pay Contractor for the value of the work in place at the time of termination. 6. Permits. Contractor shall obtain all licenses, permits, approvals and certificates (collectively, the "Permits") necessary to complete the Work in compliance with all applicable laws, rules, and regulations, etc.. At Owner's election, Owner may obtain any of the Permits. 7. Insurance. Prior to commencement of work, Contractor shall furnish Owner with certificates of Insurance, showing the Owner as additional named insured, as their interests may appear, evidencing that Contractor has obtained the following insurance coverage from Companies holding a General Rating of "A" or better as set forth in the most current issue of Best I s Key Rating Insurance Guide. Such certificates will provide that Owner will receive at least thirty (30) days prior written notice of any material change in, or cancellation of, such insurance: RS 8236 5/89 4