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<br />FXS:djlr 05/l6/97 <br /> <br />(009/72) <br /> <br />performance bond shall be borne by the City, provided that City <br /> <br />reserves <br /> <br />the <br /> <br />right <br /> <br />to <br /> <br />require <br /> <br />any <br /> <br />subcontractor <br /> <br />to procure <br /> <br />a <br /> <br />corporate surety bond and bear the cost thereof. <br /> <br />6. <br /> <br />PAYMENT BOND. <br /> <br />In addition to the bond required under <br /> <br />Paragraph 5 hereof, <br /> <br />CM/GC <br /> <br />shall <br /> <br />furnish a good and sufficient <br /> <br />corporate surety bond in the penal sum of one hundred percent <br /> <br />(100%) <br /> <br />of <br /> <br />the <br /> <br />amoun t 0 f <br /> <br />the Construction Costs, <br /> <br />which <br /> <br />amount <br /> <br />shall be determined upon receipt of all bids from Subcontractors <br /> <br />prior <br /> <br />to <br /> <br />the <br /> <br />commencement <br /> <br />of <br /> <br />the <br /> <br />construction <br /> <br />phase <br /> <br />of <br /> <br />the <br /> <br />Project, <br /> <br />and <br /> <br />which <br /> <br />bond <br /> <br />shall <br /> <br />conform <br /> <br />strictly <br /> <br />with <br /> <br />the <br /> <br />provisions of Chapter 7, <br /> <br />Title 15, <br /> <br />Part 4, Division 3, of the <br /> <br />Civil <br /> <br />Code <br /> <br />of <br /> <br />the <br /> <br />State <br /> <br />of <br /> <br />California, <br /> <br />and <br /> <br />all <br /> <br />amendments <br /> <br />thereto. <br /> <br />Acceptance of the bond by the City is subject to the <br /> <br />review and approval of the bond by the City Attorney I s office. <br /> <br />CM/GC may, in good faith, require Subcontractor, to obtain a one <br /> <br />hundred <br /> <br />percent <br /> <br />(100%) <br /> <br />corporate <br /> <br />surety <br /> <br />payment <br /> <br />bond. <br /> <br />The <br /> <br />subcontractorls cost of the payment bond shall be borne by the <br /> <br />City, <br /> <br />provided <br /> <br />that <br /> <br />City <br /> <br />reserves <br /> <br />the <br /> <br />right <br /> <br />to <br /> <br />require <br /> <br />any <br /> <br />subcontractor to procure a corporate <br /> <br />surety bond and bear the <br /> <br />cost thereof. <br /> <br />7. <br /> <br />EVIDENCE OP BONDS. <br /> <br />CM/GC <br /> <br />shall <br /> <br />provide <br /> <br />to <br /> <br />the City, <br /> <br />upon <br /> <br />execution <br /> <br />of <br /> <br />this <br /> <br />Agreement, <br /> <br />satisfactory <br /> <br />evidence <br /> <br />that <br /> <br />CM/GC will be <br /> <br />able <br /> <br />to obtain the bonds <br /> <br />specified <br /> <br />in the <br /> <br />two <br /> <br />preceding Paragraphs. <br /> <br />8. <br /> <br />RELIEF OP SURETY. <br /> <br />No payment or delay in payment, and <br /> <br />no change in extension, addition or alteration of any provisions <br /> <br />of said Contract, or in said plans and profiles, detail drawings, <br /> <br />8 <br />