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final completion and City acceptance of the Improvements. In no event will <br />the City Engineer authorize a release of the security for performance, which <br />would reduce such security to an amount below that required to guarantee <br />the completion of the remaining Work and any other obligation imposed <br />under this Agreement. <br />(b) Security for Payment: Security furnished to secure payment <br />to contractors, subcontractors, and to persons providing labor, materials or <br />equipment will, six (6) months after acceptance of all of the Improvements, <br />be reduced to an amount equal to the total amount claimed by all claimants <br />for whom liens have been filed and of which notice has been given to City, <br />plus an amount reasonably determined by the City Engineer to be required <br />to assure the performance of any other obligations secured by the security. <br />The balance of the payment security will be released upon settlement or <br />release of all claims and obligations for which the security was given. <br />(c) If Developer's obligations relating to any Improvements are <br />subject to the approval of another governmental agency, City will not <br />release the improvement security thereof until the obligations are performed <br />to the satisfaction of such other governmental agency. Such agency will <br />have two (2) months after Developer's performance of the obligation to <br />register its satisfaction or dissatisfaction. If at the end of that period such <br />agency has not registered its satisfaction or dissatisfaction, it will be <br />conclusively deemed that Developer's performance of the obligation was <br />done to its satisfaction. <br />14. Warra My Period- Repair and Reconstruction. Without limiting the foregoing, <br />Developer expressly warrants and guarantees all Work performed under this Agreement <br />and all materials used in the Work for a period of one (1) year after City's final acceptance <br />in accordance with Section 13 (Partial Reduction or Release of Improvement Security). <br />If, within this one (1) year warranty period, any Improvement or part of any Improvement <br />installed or constructed, or caused to be installed or constructed by Developer, or any of <br />the Work done under this Agreement, fails to fulfill any of the requirements of the <br />Improvement Plans or this Agreement, Developer will, without delay and without cost to <br />City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts <br />of the Work or Improvement to the satisfaction of the City Engineer. Should Developer <br />fail to act promptly or in accordance with this requirement, or should the exigencies of the <br />situation require repairs, replacements or reconstruction to be made before Developer <br />can be notified, City may, at its option, make the necessary repairs, replacements or <br />perform the necessary reconstruction and Developer will pay to City upon demand the <br />actual cost of such repairs, replacements or reconstruction. <br />15. Indemnification. <br />15.1 Neither City, nor its officers, agents nor employees, will be liable or <br />responsible for any accident, injury, loss, or damage to either property or person <br />attributable to or arising out of the construction or installation of the Improvements. <br />REV: 05-27-2022 SK <br />ATTY/AGR.2022.125/Timothy Regan (Page 7 of 22) <br />