Laserfiche WebLink
7.1.C. - Page 8 <br /> Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security <br /> shall secure payment to the contractor(s) and subcontractor(s) performing the Work and <br /> to all persons furnishing labor, materials or equipment to them. City shall retain the <br /> security until both (i) City accepts the Work in accordance with Section 12.2 above and <br /> (ii) the statute of limitations to file an action under Civil Code section 8410 et seq. has <br /> expired. The security amount may thereafter be reduced or released by the City Engineer <br /> in accordance with Section 14. <br /> (c) Warranty Security. Developer shall furnish and deliver warranty security <br /> in the amount of Eight Thousand Five Hundred Ninety Three Dollars and 95 Cents <br /> ($8,593.95), upon acceptance of the Improvements and prior to release of the <br /> Performance Security. The security shall be in a form acceptable to the City Engineer <br /> and shall guarantee and warrant the Work for a period of one (1) year following the <br /> completion and acceptance thereof against any defective work or labor done, or defective <br /> materials furnished. <br /> 13 2 If the improvement security is a corporate surety bond and, in the opinion of the <br /> City,any surety or sureties thereon become insufficient,the Developer shall renew or replace any <br /> such surety with good and sufficient surety or sureties within ten (10) clays after receiving from <br /> City written demand thereof. <br /> 13 3 Improvement security consisting of corporate surety bonds shall be kept on file <br /> with the City Engineer. If a corporate surety bond is replaced by another approved bond, the <br /> replacement shall be filed with the City Engineer and made a part of and incorporated into this <br /> Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former <br /> improvement security shall be released. <br /> 13 4 Modifications of the Plans and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(10%) of the original Estimated Cost of Work,shall not <br /> relieve or release any improvement security furnished by Developer pursuant to this Agreement. <br /> If any such modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer <br /> shall furnish additional improvement security for, performance, warranty, and payment, as <br /> required by Section 13.1 above, for one hundred percent(100%) of the revised Estimated Cost of <br /> Work. <br /> 13 5 The City's approved bond forms are attached hereto as Exhibits B,C and D. <br /> 14. Partial Reduction or Release of Improvement Security. <br /> 141 Partial releases or reductions in the Developer's improvement security may be <br /> authorized prior to the City's acceptance of all Improvements required hereunder, as provided in <br /> this Section 14. <br /> 14 2 Upon acceptance of all or any specified category of the Improvements by the <br /> City Council and upon request of the Developer, the improvement security may be reduced or <br /> released as follows: <br /> (a) Security for Performance: The security for performance shall be released <br /> upon the final completion of the Work, the City's acceptance of the Improvements and <br /> Developer's delivery of the warranty security described in Section 13.1(c). At the request <br /> of Developer, the Director of Public Works may release a portion of the security for <br /> REV:04-0945 VR <br /> Page 5 of 19 <br /> ATTY/AGR.2015.064/1092 2nd Ave- Improvement Agreement <br />