RES 83147 - Laserfiche WebLink

bonds of a duly authorized surety company covering all or a portion of said improvements required herein 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 execution of this agreement, as a part of the existing improvement 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 instr~ments of credit shall be in an amount not less than 100% of the total estimated cost of improvements which is as follows: $75,000.00 In event of breach by Developer, 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 Developer. Developer shall be liable to the City for any excess costs or damages suffered by the City. 7. Assessment District Credit. Developer has requested the formation of a Special Assessment or other Benefit District in order to be reimbursed for the cost of the project. City agrees to support the establishment of ~e North Pleasanton Assessment District No. 1982-4 and agrees to the inclusion of all of Developer's expeditions hereunder and to include the improvements required herein and the reimbursement of Developer for expenditures 'therefore within the scope of the purpose for which said district is formed. 8, Defects. Developer shall be liable for defects in workman- ship and materials on all of the above described improvements for a period of one (1) year after acceptance and as security for liability against such defects~ SDeveloper shall file improvement or maintenance security ~ith the City Clerk, of a type approved by the City Attorney, in the amomnt of 10% of the total estimated cost set forth above. 9. Worker's Compensatioq. Before commencing work under this montract~ Develofper shall take out and maintain during the course of this agreement, such worker's compensation insnrance as required by ~he laws of the State of California. On failing to do so, the City may procure such insurance for the Developer and the Developer shall pay the cost.