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12. Delete the existing Section 7.5.1 in its entirety and <br />substitute the following language: <br />"7.5.1 The Contractor, before commencing the Work, shall <br />if required by any lender for the Project or if required by the <br />City of Pleasanton furnish a Performance Bond and a Labor and <br />Material Payment Bond. The Performance Bond shall be in an <br />amount equal to One Hundred Percent (100%) of the full amount of <br />the Contract Sum as security for the faithful performance of the <br />Contract Documents. The Labor and Material Bond shall be in an <br />amount equal to the One Hundred Percent (100 %) of the full amount <br />of the Contract Sum as security for the payment of all persons <br />performing labor and furnishing materials in connection with the <br />Contract Documents. Such bonds shall be on forms approved by <br />Owner, and shall be issued by a surety satisfactory to the Owner <br />and shall name the Owner as a primary co- obligee." <br />13. Delete the existing Section 7.8.1 in its entirety and <br />substitute the following language: <br />"7.8.1 Payments due and unpaid under this Contract shall <br />bear interest from the date that final determination is made that <br />such payment is due at twelve percent (12%) per annum." <br />14. Delete the existing Section 7.9.1 in its entirety and <br />substitute the following language: <br />"7.9.1 All claims, disputes and other matters between the <br />Contractor and the Owner shall be decided by arbitration in <br />accordance with the Construction Industry Arbitration Rules of <br />the American Arbitration Association then obtaining. Any award <br />rendered by the Arbitrator shall be specifically enforceable <br />4984 <br />