All contractors shall: Be licensed by the appropriate authority governing the type of work to be performed and meet all other State and local licensing requirements; Be, in the opinion of the Department, of good reputation, financially sound, and fully qualified to perform the required work, as evidenced by previous professional construction experience; Furnish evidence of the following: Comprehensive public liability insurance coverage protecting the borrower for not less than $100,000 for injuries sustained by any one person, and $300,000 for injuries sustained by two or more persons in any one accident, Property damage liability insurance of not less than $50,000 for each occurrence and $100,000 aggregate in the event of property damage arising out of work performed by the contractor, Workmen's compensation insurance, and With respect to loans of $50,000 or more, a payment and performance bond in an amount satisfactory to the Department and naming the Department and the borrower as dual obligees; Perform all work: In conformance with the contract and all applicable laws, local codes, ordinances, and regulations including, by way of example, those laws, local codes, ordinances and regulations relating to the protection and safety of persons and property, and In a competent, workmanlike manner equal to the standards of the industry; Furnish all labor, materials, and equipment, and obtain and pay for all permits and licenses necessary for execution and completion of the work; Not assign the contract without the prior written consent of the Department; Agree to permit the Department or its designee to examine and inspect the work; Agree to complete all work within the completion date specified in the loan documents; Indemnify and hold the Department harmless from all liability and loss because of injury to or death of any person or damage to any property which may occur or be alleged to occur during performance of the contract as a direct or indirect result of any act or omission, whether intentional, negligent, or otherwise, by the contractor, subcontractors, or their agents, servants, and employees; Defend all claims and suits involving §A(9) at its sole cost and expense; Use its best efforts to employ contractors which are minority business enterprises; and Meet any other requirements that the Department may reasonably establish. The requirements of §A of this regulation shall also apply to subcontractors except that, with respect to §A(3), subcontractors may be included within the contractor's insurance coverage.