RecDoc 2020-065175 - Laserfiche WebLink

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Subsection 13.1 above, for one hundred percent (100%) of the revised Estimated Cost of Work. 13.5 The City's approved bond forms are attached hereto as Exhibits B, C and D, attached hereto and incorporated by reference. 14. Partial Reduction or Release of Improvement Security. 14.1 Partial releases or reductions in Developer's improvement security may be authorized prior to City's acceptance of all Improvements required hereunder, as provided in this Section 14. 14.2 Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of Developer, the improvement security may be reduced or released as follows: (a) Security for Performance: The security for performance will be released upon the final completion of the Work, City's acceptance of the Improvements and Developer's delivery of the warranty security described in Subsection 13.1(c). At the request of Developer, the City Engineer may release a portion of the security for performance in conjunction with the acceptance of part of the Improvements; provided, however, that no such release will be for an amount less than ten percent (10%) of the total security for performance and such security will not be reduced to an amount less than seventy-five percent (75%) of the total security for performance until final completion and City acceptance of the Improvements. In no event will the City Engineer authorize a release of the security for performance which would reduce such security to an amount below that required to guarantee the completion of the remaining Work and any other obligation imposed under this Agreement. (b) Security for Payment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment will, six (6) months after acceptance of all of the Improvements, be reduced to an amount equal to the total amount claimed by all claimants for whom liens have been filed and of which notice has been given to City, plus an amount reasonably determined by the City Engineer to be required to assure the performance of any other obligations secured by the security. The balance of the payment security will be released upon settlement or release of all claims and obligations for which the security was given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another governmental agency, City will not release the improvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency will have two (2) months after Developer's performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period such REV: 05-22-2020 PR ATTY/AGR.2020.082/Broadway Plaza - Bay Block (Page 7 of 25)