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satisfactory completion. The requirement for written acceptances may be waived <br />by the City Engineer, in their reasonable discretion, if Developer has made <br />commercially reasonable efforts to obtain such acceptances. The City Engineer's <br />failure to respond to Developer's written notification within thirty (30) days will not <br />be deemed a breach or default under this Agreement. <br />12.2 Acceptance of Improvements. After sending Developer a written <br />notice of satisfactory completion pursuant to Section 12.1, the City Engineer will <br />recommend acceptance of the Improvements to the City Council. The acceptance <br />of the Improvements, offers of dedication and right -of way, and easements, if any, <br />will be by City Council action, with the matter placed on the next available agenda. <br />Upon City Council action, the City Engineer will promptly record a notice, in a form <br />to be approved by the City Attorney, in the Official Records of San Mateo County. <br />13, Performance Labor and Materials and Warranty Securit . <br />13.1 In accordance with Chapter 30 of the Redwood City Code, <br />Developer will furnish and deliver to City, within the times set forth below, the <br />following security, each of which must be issued by a surety company duly and <br />regularly authorized to do general surety business in the State of California, or <br />such other surety as may be acceptable to the City Engineer. <br />REV: 01-24-20 PR <br />(a) Performance Securit . Developer will furnish and deliver <br />performance security in the amount of one hundred ninety five thousand <br />nine hundred thirty five dollars and eighty five cents ($195,935.85), <br />concurrently with the execution of this Agreement, which security must meet <br />the requirements of Government Code section 66499.1 and Redwood City <br />Code Section 30.80 and be acceptable to the City Engineer. The security <br />will be conditioned upon the faithful performance of this Agreement with <br />respect to the Work and will be released by City in accordance with Section <br />14 below upon final acceptance of the Improvements as described in <br />Subsection 12.2 and Developer's delivery of the Warranty Security <br />described in Subsection 13.1(c). <br />(b) Payment Security. Developer will furnish and deliver labor and <br />materials security in the amount of one hundred ninety five thousand nine <br />hundred thirty five dollars and eighty five cents ($195,935.85), concurrently <br />with the execution of this Agreement, which security must meet the <br />requirements of Government Code section 66499.2 and Redwood City <br />Code Section 30.80 and be acceptable to the City Engineer. The security <br />will secure payment to the contractor(s) and subcontractor(s) performing <br />the Work and to all persons furnishing labor, materials or equipment to <br />them. City will retain the security until both (i) City accepts the Work in <br />accordance with Subsection 12.2 above and (ii) the statute of limitations to <br />file an action under Civil Code section 8410 et seq. has expired. The <br />security amount may thereafter be reduced or released by the City Engineer <br />in accordance with Section 14. <br />ATTY/AGR.2020.014/Valera Fooksman (Page 5 of 22) <br />