Laserfiche WebLink
d. bonds of a duly authorized surety company covering <br />all or a portion of said improvements required <br />herein where a contract for improvements has been <br />let through an assessment district proceeding, and <br />where said bonds have been filed with the City <br />Clerk prior to the execution of this agreement, as <br />a part of the existing improvement district <br />proceedings. <br />One bond shall be in the amount of 100% of the total <br />estimated cost of the work for each stage of development, <br />conditioned upon faithful performance of this agreement, and one <br />bond in the amount of 100% of the total estimated cost of the <br />work for each stage of development shall secure payment for labor <br />and materials. <br />Instruments of credit shall be in an amount not less than <br />100% of the total estimated cost of improvements which is as <br />follows: <br />$ 24,509.00 <br />In event of breach by Subdivider, City may take over the work <br />and prosecute the same to completion by any method the City deems <br />advisable. Said work shall be for the account and at the expense <br />of the Subdivider. Subdivider shall be liable to the City for any <br />excess costs or damages suffered by the City. <br />8. Financing. In the event City and Subdivider enter a <br />contract upon mutually agreeable terms providing an appropriate <br />special assessment act for financing and improvement of streets <br />and easements, the City may consent to the following: <br />a. The inclusion of this tract and other lands within <br />said contracts, and <br />b. the release of improvement security as defined in <br />Section 66499 of the Government Code, where the <br />assessment contract has filed surety bonds for said <br />improvements. <br />9. Defects. Subdivider shall be liable for defects in <br />workmanship and materials on all of the above described <br />improvements for a period of one (1) year after acceptance and as <br />security for liability against such defects, Subdivider shall <br />file improvement or maintenance security with the City Clerk, of <br />a type approved by the City Attorney, in the amount of 10% of the <br />total estimated cost set forth above. <br />10. Worker's Compensation. Before commencing work under <br />this contract, Subdivider shall take out and maintain during the <br />course of this agreement, such worker's compensation insurance as <br />required by the laws of the State of California. If the Acting <br />General Contractor is not the Subdivider, then the General <br />Contractor will provide the City with the said certificate of <br />- 3 - <br />