AgdaPkt 2013-11-18 Special - Laserfiche WebLink

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7.1 .D. - Page 9 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("Surety Company'�. (a) Performance Securitv. Developer shall furnish and deliver perforxnance security in the amount of Nine Hundred and Nine Hundred and Eighty Seven Thousand One Hundred and Sixty Seven Dollars ($987,167.00), 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 shall be conditioned upon the faithful perforxnance of this Agreement with respect to the Wark and shall be released by City in accordance with Section 14 below upon final acceptance of the Improvements as described in Section 12.2 and Developer's delivery of the Warranty Security described in Section 13.1(c). (b) Pavment Securitv. Developer shall furnish and deliver labor and materials security in the amount of Nine Hundred and Eighty Seven Thousand One Hundred and Sixty Seven Dollars ($987,167.00), 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 shall secure payment to the contractor(s) and subcontractor(s)performing the Wark and to all persons furnishing labor, materials or equipment to them. City shall retain the security until City accepts the Wark in accordance with Section 12.2 above. The security amount may thereafter be reduced or released by the City Engineer in accordance with Section 14. (c) Warrantv Securitv. Developer shall furnish and deliver warranty security in the amount of Ninety Eight Thousand Seven Hundred and Seventeen Dollars ($98,717.00),upon acceptance of the Ixnprovements and priar to release of the Performance Security. The security shall be in a form acceptable to the City Engineer and shall guarantee and warrant the Warkfor a period of one(1)year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. 13.2 If the improvement security is a corporate surety bond and, in the opinion of the City, any surety or sureties thereon become insufficient, the Developer shall renew or replace any such surety with good and sufficient surety or sureties within thirly(30) days after receiving from City written demand thereof. 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 forxner improvement security shall be released. 13A Modifications of the Plans and related specifications, and modifications of the Ixnprovements,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, perforxnance, warranty, and payment, as required by Section 13.1 above,for one hundred percent(100%) of the revised Estimated Cost of Work. 13S The City's approved bond forxns are attached hereto as Ez�hibits B, C and D. ATN/AGR/2013.217/IMPROVEMENT AGR 601 MAIN ST REV: 11-12-13 VR Page 5 0£24