RecDoc 2015-052074 - Laserfiche WebLink

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131 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City,within the rimes set forth below,the following security,each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of Califomia,or such other surety as may be acceptable to the City Engineer. (a) Perforn�ance Securitv. Developer shall furnish and deliver perFormance security in the amount of One Hundred Thirty Five Thousand Six Hundred Sixty Fow and No/100 Dollars ($135,664.00), concuirently with the execution of tlus Agreement, which security must meet the requirements of Government Code section 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall be conditioned upon the faithful performance of this Agreement with respect to the Work and shall be released by City in accordance with Section 14 below upon final acceptance of the Improvetnents as described in Section 12.2 and Developer's delivery of the Warranty Security described in Secrion 13.1(c). (b) Payment Securitv. Developer shall fiunish and deliver labor and materials security in the amount of One Hundred Thirty Five Thousaud Six Hundred Sixty Four and No/100 Dollars ($135,664.00), concurrently with the execution of tlus Agreement, which security must meet the requirements of Government Code section 66499.2 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall secure payment to the contractor(s) and subcontractor(s) perfornung the Work and to all persons furnishing labar,materials or equipment to them. City sha11 retain the security unril both (i) City accepts the Work in accordance with Section 12.2 above and(ii)the statute of limitations to file an action under Civil Code section 8410 et seq. has expired. The security amount may thereafter be reduced or released by the City Engineer in accordance with Section 14. (c) War�ranty SecuritX, Developer shall furnish and deliver warranty security in the asnount of Thirteen Thousand Five Hundred Sixty Six and No/104 Dollars ($13,566.00), upon acceptance of the Improvements and prior to release of the Aerformance Security. The security shall be in a form acceptable to the City Engineer and shall guarantee and warrant the Work for a period of one (1) year following the completaon and acceptance thereof against any defective work or labor done,or defective materials furnished. 13 2 If the improvement security is a corporate surety bond and,in the opinion of the City,any surety or sureties thereon become insufficient,the Developer shall renew or replace any such surety with good and sufficient surety or sureties within ten (10)days after receiving from City written demand thereof. 13 3 Improvement security consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is nplaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approva.l by the City Engineer of a replacement bond, the former improvement security shall be released. 13 A Modifications of the Plans and related specifications, and rnodifica.tions of the Improvements,not exceeding ten percent(lU%)of the original Estimated Cost of Work,shall not relieve or release any improvement sacuriiy furnished by Developer pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Esrimated Cost of Work,Developer shall furnish additional improvement security for, performance, warranty, and payment, as REV:02-20-15 VR Page 5 of21 ATTY/AGR.2015.034/SunCap Redwood LLC(IA)