Demolition Agreement_10.12.2018 - Laserfiche WebLink

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meet the requirements this Agreement and be acceptable to the City Engineer. The securities shall be conditioned upon the faithful performance of this Agreement with respect to the Oak MOB Demolition Work and the Signal Removal, and each security shall be released by City upon the City's issuance of a Notice of Completion pursuant to Section 6 above for the portion of the Demolition Work that it secures. Developer acknowledges and agrees that the City may require the General Contractor hired by Developer to perform the Signal Removal work, at the time of issuance of the required Encroachment Permit, to provide an additional payment bond to secure the faithful payment of laborers and materials suppliers for the Signal Removal work. 7.2 If any of the security instruments required by Section 7.1 is provided in the form of 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. 7.3 Security instruments consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is replaced 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 approval by the City Engineer of a replacement bond, the former security instrument shall be released. 7.4 Modifications of the plans and related specifications, and modifications of the Demolition Work or the Signal Removal, not exceeding ten percent (10 %) of the original Estimated Cost of Demolition Work and Signal Removal shall not relieve or release any improvement security furnished by Developer pursuant to this Agreement. If any such modifications exceed ten percent (10 %) of the Estimated Cost of Demolition Work and Signal Removal or the Signal Removal, as applicable, Developer shall furnish additional improvement security to supplement the security required by Section 7.1 above, to total one hundred percent (100 %) of the revised Estimated Cost of Demolition Work and Signal Removal. 7.5 The City's approved bond forms are attached hereto as Exhibits B and C. 8. Warranty Period; Repair and Reconstruction. Without limiting the foregoing, Developer expressly warrants and guarantees all Demolition Work and Signal Removal work performed under this Agreement and all materials used in such work for a period of one (1) year after City's issuance of an NOC in accordance with Section 6. If, within this one (1) year warranty period, any of the Demolition Work or Signal Removal work done under this Agreement fails to fulfill any of the requirements of this Agreement, Developer shall, without delay and without cost to City, repair any defective or otherwise unsatisfactory part or parts of the Demolition Work or Signal Removal work, as applicable, to the satisfaction of the City Engineer. Should Developer fail to act promptly or in accordance with this requirement, or should the exigencies of the situation require repairs to be made before Developer can be notified, City may, at its option, make the necessary repairs and Developer shall pay to City upon demand the actual cost of such repairs. 9. Developer Not Agent of City. Neither Developer nor Developer's contractors, subcontractors, agents, officers, or employees are agents or employees of City and the Developer's relationship to City, if any, arising herefrom is strictly that of an independent contractor. Page 4 of 13 REV: 07 -20 -18 PR ATTY /AGR /2018.161 /KAISER MOB2 — DEMO AGREEMENT