Table of Contents: 7 Bonds, Insurance and Taxes 7   Bonds, Insurance and Taxes 7.1   Bonds 7.1.1   General 7.1.1.b   Definitions 7.1.2   Performance and Payment Bonds for Construction Contracts 7.1.2.a   General 7.1.3   Performance and Payment Bonds for Other than Construction Contracts 7.1.3.a   Performance Bonds 7.1.3.c   Payment Bonds 7.1.4   Patent Infringement Bonds 7.1.5   Fidelity Bonds 7.1.6   Contract Postal Unit Bonds 7.1.7   Other Types of Bonds 7.1.8   Execution of Bonds 7.1.8.g   Contract Modifications 7.1.9   Sureties 7.1.9.a   Acceptable Sureties 7.1.9.d   Deposit of Assets Instead of Surety Bonds 7.1.9.e   Irrevocable Letters of Credit 7.1.10   Contract Administration 7.1.10.a   Information and Notice to Sureties 7.1.10.b   Surety Takeover Agreements 7.1.10.c   Contract Completion 7.2   Insurance 7.2.1   Policy 7.2.1.b   Fixed-Price Contracts 7.2.1.c   Non-Fixed-Price Contracts 7.2.2   Types of Insurance 7.2.2.b   General Liability Insurance 7.2.3   Self-Insurance 7.2.4   Errors and Omissions Insurance 7.2.5   Insurance Policies 7.2.6   Contract Clauses 7.2.7   Notice of Cancellation or Change 7.3   Taxes 7.3.1   General 7.3.2   Federal Excise Taxes 7.3.3   State and Local Taxes 7.3.3.b   Applicability 7.3.3.c   Exemption from Tax 7.3.4   Contract Clauses