Laserfiche WebLink
(b) Payment Security. Developer shall furnish and deliver labor and materials <br /> security in the amount of Two Million One Hundred Ninety Thousand Three Hundred Eighty- <br /> Seven and No/100 Dollars ($2, 190,387.00), concurrently with the execution of this Agreement, <br /> which security must meet the requirements of Government Code section 66499.2 and Redwood <br /> City Code Section 30.80 and be acceptable to the City Engineer. The security shall secure <br /> payment to the contractor(s) and subcontractor(s) performing the Work and to all persons <br /> furnishing labor, materials or equipment to them. City shall retain the security until both (i) City <br /> accepts the Work in accordance with Section 12.2 above and (ii) the statute of limitations to file <br /> an action under Civil Code section 8410 et seq. has expired. The security amount may thereafter <br /> be reduced or released by the City Engineer in accordance with Section 14. <br /> (c) Warranty Security. Developer shall furnish and deliver warranty security <br /> in the amount of Two Hundred Nineteen Thousand Thirty-Eight and 70/100 Dollars <br /> ($219,038.70), upon acceptance of the Improvements and prior to release of the Performance <br /> Security. The security shall be in a form acceptable to the City Engineer and shall guarantee and <br /> warrant the Work for a period of one (1) year following the completion and acceptance thereof <br /> against any defective work or labor done, or defective materials furnished. <br /> 13.2 If the improvement security is a corporate surety bond and, in the opinion <br /> of the City, any surety or sureties thereon become insufficient, the Developer shall renew or <br /> replace any such surety with good and sufficient surety or sureties within ten (10) days after <br /> receiving from City written demand thereof. <br /> 13.3 Improvement security consisting of corporate surety bonds shall be kept <br /> on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, <br /> the replacement shall be filed with the City Engineer and made a part of and incorporated into <br /> this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the <br /> former improvement security shall be released. <br /> 13 .4 Modifications of the Plans and related specifications, and modifications of <br /> the Improvements, not exceeding ten percent (10%) of the original Estimated Cost of Work, shall <br /> not relieve or release any improvement security furnished by Developer pursuant to this <br /> Agreement. If any such modifications exceed ten percent (10%) of the Estimated Cost of Work, <br /> Developer shall furnish additional improvement security for, performance, warranty, and <br /> payment, as required by Section 13. 1 above, for one hundred percent ( 100%) of the revised <br /> Estimated Cost of Work. <br /> 13.5 The City's approved bond forms are attached hereto as Exhibits B, C <br /> and D. <br /> 14. Partial Reduction or Release of Improvement Security. <br /> 14. 1 Partial releases or reductions in the Developer's improvement security <br /> may be authorized prior to the City's acceptance of all Improvements required hereunder, as <br /> provided in this Section 14. <br /> REV: 06-22-16 JS <br /> Pages of 15 <br /> ATTY/AGR.2016.159/Centrum Owners Association - IA <br />