1. A payment and performance bond in a sum equal to the contract price, with adequate surety, or an irrevocable letter of credit issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation for the benefit of the Osage Nation, on behalf of the bidder, in a sum equal to the contract price, to ensure the proper and prompt completion of the work in accordance with the provisions of the contract and bidding documents; or

A bond in a sum equal to the contract price or an irrevocable letter of credit issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation for the benefit of the Osage Nation on behalf of the bidder, in a sum equal to the contract price, to protect the Osage Nation against defective workmanship and materials for a period of one year after acceptance of the project; and

2. Public liability and workers’ compensation insurance during construction in reasonable amounts. A Procurement Officer may require the contractor to name the Osage Nation and its architects or engineers, or both, as an additional insured under the public liability insurance or self-insurance, which requirement, if made, shall be specifically set forth in the bidding documents.

No Procurement Officer shall require for any construction project, nor shall any general contractor submit a project bid based on acquiring or participating in, any wrap-up, wrap-around, or controlled insurance program. For the purposes of this subsection, “wrap-up, wrap-around, or controlled insurance program” means any insurance program that has the effect of disabling or rendering inapplicable any workers’ compensation, general commercial liability, builders’ risk, completed operations, or excess liability insurance coverage carried by a subcontractor that is engaged or to be engaged on a construction project.