RES 84344 - Laserfiche WebLink

bonds of a duly auttlorized surety company covering all or a portion of said improvements required heroin where a contract for improvements has been let through an assessment district proceeding, and where said bonds have been filed with the City Clerk prior to the e:<ecution of this agreement, as a parto'Z'i"~he existing improveh~ent district proceedings. One bond shall be in the amount of 100% of the total estimated cost of the work for each stage of development, conditioned upon faithful performance of this agreement, and one bond in the amount of 100% of the total estimated cost of the work for each stage of development shall secure payment for labor and materials. Cash or instrmments of credit shall be in an amount not less than 100% of the total estimated cost of improvements which is as follows: $ 402,000.00 In event of breach by Subdivider, City may take over the work and prosecute the same to completion by any method the City deems advisable. Said work shall be for the account and at the expense of the Subdivider. Subdivider shall be liable to the City for any excess costs or damages suffered by the City. 9. Financing. In the event City and Subdivider enter a cent tract upon mutually agreeable terms providing an appropriate special assessment act for financing and improvement of streets and easements, the City may consent to the following: The inclusion of this tract and other lands within said contracts, and the release of improvement security as defined in Section 66499 of the Government Code, where the assessment contract has filed s~ety bonds for said improvements. 10. Du!fects. Subdivider shall be liable for defects in workman- ship and matcrmals on all of the above described improvomeuts for a period of one (1) year after acceptance and as security for liability against such defects, Subdivider shall file improvement or maintenance security with the City Clerk, of a type approved by the City Attorney, in the amount of 10% of the total estimated cost set forth above. 11. Werker's Compe~!sation. Before commencing work under this contract, Suhk~vider shall takn out and maintain during the course of this agre,s:u!n~:, such workor~s colr~DeNsa~lion insurance as required bl~ the laws or kh~e S~ate of California. I6 the Acting General Contractor is not the Subdivider, then the General Contractor will provide ehe City with the s{~id certificate of workor's compellsakion insurance prior to stark of construc[ion. On ~ailing ~o do so, tile Clty may procure sue:! insurance for ~he Subdivider and the Subdivider shall pay the cost.