RecDoc 2013-065242 - Laserfiche WebLink

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13.3 Improvement security consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former improvement security shall be released. 13.4 Modifications of the Plans and related specifications, and modifications of the Improvements,not exceeding ten percent(10%) of the original Estimated Cost of Work, shall not relieve or release any improvement security furnished by Developer pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer shall furnish additional improvement security for, performance, warranty, and payment, as required by Section 13.1 above, for one hundred percent(100%) of the revised Estimated Cost of Work. 13.5 City's approved bond forms are attached hereto as E�ibits D and E, if applicable. 14. Partial Reduction or Release of Improvement Securitv. 14.1 Partial releases or reductions in the 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 the Developer, the improvement security may be reduced or released as follows: (a) Security for Performance: Unless Developer submits new or additional security in an amount equal to ten percent (10%) of the Estimated Total Cost of the Improvements, the security for performance and guarantee shall not be reduced or released in an amount greater than ninety percent (90%) of the aggregate principal amount thereof prior to the expiration of the one-year guarantee and warranty period nor until any claims filed during the one-year warranty period have been settled. (b) Security for Payment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment shall, 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 security shall 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 shall not release the improvement ATTY/AGR/2013.042/ELAN(145 MONROE)IMPROVEMENTAGR REV:03-28-13 VR Page6of14