Laserfiche WebLink
6.C. - Page 10 of 71 <br />(b) Payment Securit3L Developer shall furnish and deliver labor and <br />materials security in the amount of One Hundred Thirty Three Thousand Nine Hundred <br />Forty Nine Dollars ($133,949.00), concurrently with the execution of this Agreement, <br />which security must meet the requirements of Government Code section 66499.2 and <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 seg. 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 Secgdt L Developer shall furnish and deliver warranty security <br />in the amount of Thirteen Thousand Three Hundred Ninety Four 901100 Dollars <br />($13,394.90), 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) days 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 />14.1 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 />ATTYIAGRI2018.2151855 MAIN STREET RWC, LLC IMPROVEMENT AGREEMENT 81 <br />REV: 10-11-18 PR Page 5 of 20 <br />