RecDoc 2012-113313 - Laserfiche WebLink

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14.2 Upon acceptance of all or any specified category of tlie Improvements by the City Council and upon request of the Developer,the improvement security may be reduced or released as follows: (a} Security for Perfoi�rnance: Unless Developer sub�nits new or additional security in an amount equal to ten percent {lU%) of the Estimated Total Cast of the Iznprovements, the sectuity for performance and guarantee sha11 not be reduced or released in an amount greater than ninety percent (90%) of the aggregata principal amount thereof prior to the expiration of�he one-year guarantee and warranty period ' specified in Section 9 nor unti.l any claims�iled during the one-year warranty period have been settled. (6) Secvrity for Payment: Security furnished to secure payment to contractors, subcontractors,and to persons providing labor,materials or equiprnent shall, six (6) months after acceptance of all of the Improvements, be reduced to an amount equal to the total amount claimed by a11 claimants for whom liens have been filed and of which notice has been given to the City, plus an arnount 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 security shall be released upon settlement or releasa of a11 clauns and obligations for wtiich the security was given. (c) If Developer's obligations relating ta any Improvements are subject to the approval of another govarnmantal agency,the City shall not release the unprovement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency shall have two (2) mon#hs after Developer's performance of the obligation ta xegister its satisfaction or dissatisfaction. If at the end of that period it has not registered its satisfaction or dissatisfaction, it shall be conclusively deemed that the Developer's performance of the obligation was done to its satisfaction. 15. Warrantv Period:Rapair and Reconstruction. Without limiting the foregoing,Developer expressly warrants and guarantees all Work performed under this Agreement and all materials used in the Work far a period of one{1)year after final acoeptanoe in accordance with Section 12. Tf,within this one {1) year pariod, any Tmprovement or part of any Improvement installed or constructed, or causad to be installed or constructed by Developer,or any of the Work done under this Agreement,fails to fulfill any of the requirements of the Improvement Plans or this Agreement, Daveloper shall, without delay and without cost to City,repair, replace or reconstruct any defective or otherwise unsatisfactoiy part or parts af the Work or Improvement to the satisfaction o£the City Engineer. Should Developex £ail to act promptly or in accordance with this requirement,or shoutd the exigencies of the situation require repairs, replacements or reconstruction to be made before Developer can be notified, City may, at its option following thirty (30) days written notice to cure to Developer, make the necessary repairs,replacaments or perform the necessary reconstruction and Developer shall pay to City upon demand the actual cost of such repairs,replacemenYs or reoonstruction. • � 16. Developer Not A�ent of City. Neither Developer nor Developer's cont�ractors, � suhcontractors, agents, of�ceis, or employees are agents or employees of City and the Developer's relationship to City,if any,arising herefrom is s�rictly that of an independant contractor. 17. Indemnification. 17.1 Neither the City, nor its officers, agents nor employeas, shall be liable or responsible for any accident, injury,loss,or damage to either property or person attributable to or A77Y/AGRI2U12.065/2580 ECR(URBAN liOUSING)SllBDIVISlON IMPROVEMENTAGREEME{dT FtEV:06-05-72 VR Page 6 of 1fi