RecDoc 2014-030717 - Laserfiche WebLink

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, x 14.2 Upon �cceptance of all or any specified category of the Impmvements by the City Council and upon request of the Developer, the improvement security m�y be redwced or roleased as follows: (a) Security for Performance: Unless Developer submit�new or addiricmal security in an amount equal to t�n percent (10%) of the Estimated Tcrtal Cost of the Impmvements, the security for performance �nd guarsntee shall not be r�duced or released in an amount gre�ter than ninety percent (90%) of the aggregate principal amount thereof prior to the expir�tion of the one-year guarantee and warr�nty period specified in Secrions 13.1(c) and 15 nor unril any claim� filed during the one-year warranty period have been settkd. (b) Security for Payment: Security furnished to secure payment to contractors,subcontractors,and to persons providing labor,r►�terials or equipmcnt shall, six (6) rnonths after acceptance of all of the Improveu�nts, be reducod to an amount equal to the total�mount claimed by all claiinants for whom liens have been filed and of which notice has bcen given to the City, plus �n amount re�sonably detecmined by the City Engineer to be required to�ssure the performacice of any ather obligatians secured by the security.The balance of the security shall be released upon settlement or releas�of all claims and obligations for which the security w�s given. (c) If Developer's obligations relating to any Improvements are �ubject to the�pproval of�nother governmental ag�ncy,the City shall r�ot release the improve�nt security thereof w�til the obligatiQns �re performed to the satisfaction of such other governmental �gency. Such s�ency shall have two (2) moaths after Developer's perforx�ace of the obligation to registar it�s�tisfaction ar dissatisfaction. If at the end of that period it has not registered its s�tisfaction ar disse►risf�tion,it�hall be conclusively deemed that the Develaper's performance of the obligation was done to its satisfaction. 15. W�rranty�eriod:Rep�ir and�tecon�tcuction. Without limiting the foregoing,Developer expressly w�rrants e�nd guarantees all Work perforn►ed under this Agreement�nd�11 t�teri�la used in the Work for�period of one(1)year after final acceptance in�ccordance with Se�tion 12. If,within this one (1) year period, any Improvernent or part of any Improwement installed ar cons�ucted, or caused to be installed or consieucted by Developer,or any of the Work done under this Agre�xt�nt, fails to fulfill any of the requirements of the Improvement Pl�ns or this Agreement, Developer shall, writhout del�y �nd without cost to City, repsir,replace or reconstruct any defective or otherwise unsatisfs�tory p�rt or parts of the Work or Improvement to the satisfaction of the City Engineer. Should Developer f�il to act promptly or in accordance with this requirement,or should the exigencies of the situsrion r$quire repairs, replacements or reconstrucrion to be made before Developer can be notified,City may,�t its aption,make the necessary repairs, repl�cements or perfo�m the necessary r�econstruction and Developer shall pay to City upon demand the actu�l cost of such repairs,replacements or reconstruction. 16. Developer Not Agent of City. Neither Developer nor Developer"s contractors, subcontractors, agents, officers, or employees �re agents or employees of City �nd the Developer's relationship to City,if any,arising�erefrom is strictly that of sn independent contractc►r. 17. cietnni c�tion. 17.1 Neither the City, nor its officers, �gents nor employees, shall be liable or responsible for any accident,injury,loss,or dam�ge to either property ar persan attributable to or arising out of the construction or installation of the Impmvements. Developer shall indemnify, REV:03-1414 VF PaQe i o(19 ATTY/AGR.2014.034/One Marina Final Phase-Improvement Agreement