What if Weston Solutions Inc. goes bankrupt?
The contract with Weston allows payment over time such that the Township will not be as exposed to this risk as it would if the entire amount were paid in advance. There is also bond requirement on the part of Weston. The clean up and indemnification obligations of Weston are insured by Illinois Union, and will remain in place even if the contractor were to be insolvent. In fact, if the cost overrun coverage is triggered, and Weston is insolvent, the insurer must fund cost of completing the remaining remediation work up to the policy limits using another qualified firm selected by the Township.
