RecDoc 2022-044650 CONF South Main Mixed-Use Project

Browse Search

Attorney, in the Official Records of San Mateo County. Until the City records the notice of completion, the Developer shall be responsible for and bear the risk of loss to any of the Improvements constructed or installed, including any maintenance, repairs, or reconstruction necessary to remedy any damage to the Improvements. 13. Performance, Labor and Materials and Warranty Security. 13.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City, within the times set forth below, the following security, each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer. REV: 04-07-2022 SK (a) Performance Security. Developer will furnish and deliver performance security in the amount of 100% of the Estimated Cost of the Work concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security will be conditioned upon the faithful performance of this Agreement with respect to the Work and will be released by City in accordance with Section 14 below upon final acceptance of the Improvements as described in Subsection 12.2 and Developer's delivery of the Warranty Security described in Subsection 13.1(c). (b) Payment Security. Developer will furnish and deliver labor and materials security in the amount of 100% of the Estimated Cost of Work concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.2 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security will secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City will retain the security until both (i) City accepts the Work in accordance with Subsection 12.2 above and (ii) the statute of limitations to file an action under Civil Code section 8410 et seq. has expired. The security amount may thereafter be reduced or released by the City Engineer in accordance with Section 14. (c) Warr_ anty Securi y. Developer will furnish and deliver warranty security in the amount of 10% of the Estimated Cost of Work upon acceptance of the Improvements and prior to release of the Performance Security. The security will be in a form acceptable to the City Engineer and will guarantee and warrant the Work for a period of one (1) year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. The security shall be released by City following the expiration of such one (1) year period, provided no repair, ATTY/AGR.2022.063/South Main SIA (Page 7 of 26)