RecDoc 2014-030717 - Laserfiche WebLink

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N ' acceptance of the Impmvements as described in Section 12.2 and Develope�'s delivery of the W�rranty Security described in Section 13.3. (b) �ayment Securitv. Developer shall furnish and dcliver l�bor and �terials�ecurity in the amount of One Million Seven Hundred Fifty Thous�Dollars and No/l�Dollars ($1,750,000.00),concurrently with the execution of this Agreement, which security must meet the requirements of Govemrnent Code seatic� 66499.2 �nd Redwood City Code Section 30.80 and be ecceptable to the Gity Engineer. The security shall secure payment to the contractor�s)and subcontractor(s)performing the Work and to all persons furnishing labor, materials or equi�xnent to them. City �hall retain the security until both(i)City accepts the Work in accordance with Sectian 12.2 above and (ii) the statute of timitations to file �n action under Civil Code ssctian 3114 et seq. has expired. T1ie security amount may there�fter be reduced or released by the City Engineer in accordanee with Section 14. (c) W�rranty Securitv, Develc>per shall furnish and deliver warranty security in the emount of One Hundred Seventy Five Thous�nd and No/100 Dollars (S 175,000.00), upon accept�nee of the Improvements �nd prior to rele�e of the Performance Security.The security shall be in�form acceptsble to the City Eugineer and shail guarantee and warrant the Work for a period of one (1) year following the completion and acceptance thereof�gainst any defecrive work or labor done,or defective materials furnist�ed. 13.2 If the improvement security is a c�porate surety bond and,in the cipinivn of tt�: City,�ny surety or sureties thereon become i�nsufficient,the Developer shall renew or repla�ce any such surety with good and sufficient surety or sureties within ten(1�)d�ys�fter recEiving from City�vritten demand thereof. 13.3 Improvement security consisting of corporate surety bands shall be kept on file with the City Engiaeer. If a corpor�te surety bond is replaced by another ��ro�ed bond, the replaccment shall be filed with the City Engineer and m�de a part of and incorporated into this Agreement. Upan filing �nd �pprov�l by the City Engine�r of a repl�cement band, the former improvement security ahall be released. 13.4 Modifications of the Plans and related specifications, �nd rnodificarions of the Improvements,nat exceeding ten percent(1(1%0)of the origin�l Estimat�d Cost of Work,shall not relieve or release any improvement security fiunisbed by Developer pursuant to this Agt+eement. If any such modifications exceed ten percent (10%) of tho Fstimated Cost of Work, Developer shall furnish additional improvement security for, performance, warranty, �nd payment, as required by Section 13.1 above,for one hundred percent(100%)of the revised Estimated Cost of Work. 13.5 The City's approved bond forms are�.ttached hereto as Exhibits B,C and D. 14. ��rtial Reduction or Release of Imnrove�nt Socuritv. 14.1 Partial releases or reductions in the Developer's improvement security may be authoriud prior to the City's acceptance of all Improvements required hereunder,as provided in this Section 14. REV:03-14-14 VR Ps�e 3 of 19 ATTY/AGR.2014.034/One Marina FMaI Ph�se- Improvement A�reement