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FXS:dft 5/04/95 (004/73) <br /> 5/09/95R <br /> 5/17/95R <br /> FXS:rg 6/20/95R <br /> 7/06/95R <br /> 7/20/95R <br /> upon receipt of all bids from Subcontractor prior to the <br /> <br />commencement of the construction phase of the Project, and which <br />bond shall be conditioned upon the faithful performance of all <br />work required to be performed by CM/GC under this Agreement. The <br />work required to be performed by CM/GC includes the work to be <br />performed by Subcontractors. Said bond shall be liable for any <br />and all penalties and obligations which may be incurred by CM/GC <br />under this Agreement. Acceptance of the bond by the City is <br />subject to the review and approval of the bond by the City <br />Attorney's office. Subcontractors may, at City's or CM/CG's <br />option, be required to obtain a one hundred percent (100%) <br />performance bond. <br /> <br /> 6. PAYMENT BOND. In addition to the bond required under <br />Paragraph 5 hereof, CM/GC shall furnish a good and sufficient <br />corporate surety bond in the penal sum of one hundred percent <br />(100%) of the amount of the Construction Costs , which amount <br />shall be determined upon receipt of all bids from Subcontractors <br />prior to the commencement of the construction phase of the <br />Project~ and which bond shall coDfcrm strictly with the <br />provisions of Chapter 7, Title 15, Part 4, Division 3, of the <br />Civil Code of the State of California, and all amendments <br />thereto. Acceptance of the bond by the City is subject to the <br />review and approval of the bond by the City Attorney's office. <br />Subcontractors may, at City's or CM/GC's option, be required to <br />obtain a one hundred percent (100%) payment bond. <br /> <br /> 7. EVIDENCE OF BONDS. CM/GC shall provide, upon execution <br /> of this Agreement, satisfactory evidence that CM/GC will be able <br /> <br /> to obtain the bonds specified in the two preceding paragraphs. <br /> 7 <br /> <br /> <br />