Laserfiche WebLink
B. Bonds by duly authorized corporate sureties admitted to conduct such business in <br /> California, or <br /> C. Instruments of credit from financial institutions subject to regulation by state or <br /> federal government, or <br /> D. Bonds of a duly authorized surety company covering all or a portion of said <br /> improvements required herein where a contract for improvements has been let <br /> through an assessment district proceeding, and where said bonds have been filed with <br /> the City Clerk prior to the execution of this Agreement, as a part of the existing <br /> improvement district proceedings. <br /> One bond in the amount of ten percent(10%) of the estimated value of the subdivision <br /> improvements to secure maintenance of the improvements for one year following City <br /> Council acceptance. <br /> Total estimated cost of improvement is as follows: <br /> $450,000 <br /> In the event of any breach by Subdivider, City may take over the work and prosecute the <br /> same to completion by any method the City deems advisable. Said work shall be for the <br /> account and at the expense of the Subdivider. Subdivider shall be liable to the City for <br /> any excess costs or damages suffered by the City. The City shall release the Maintenance <br /> Bond one year after the recordation of the Notice of Completion provided all warranty <br /> work is acceptable to the City. <br /> 2. Defects. Subdivider shall be liable for defects in workmanship and materials on all of the <br /> above described improvements and, as security for liability against such defects, Subdivider shall <br /> file improvement or maintenance security with the City Clerk, of a type approved by the City <br /> Attorney, in the amount of ten(10) percent of the total estimated cost set forth above for a period <br /> of one(1) year after City Council acceptance. <br /> 3. Workers' Compensation. Subdivider shall take out and maintain during the course of this <br /> Agreement, such worker's compensation insurance as required by the laws of the State of <br /> California. If the Acting General Contractor is not the Subdivider, then the General Contractor <br /> will provide the City with said certificate of worker's compensation insurance prior to start of <br /> construction. <br /> 4. Hold Harmless Agreement. Subdivider hereby agrees to and shall indemnify, defend and <br /> hold harmless the City, its elective and appointive officials, Commissions, officers, agents, and <br /> employees (collectively the "indemnities"), harmless from any liability for damage or claims for <br /> damage for personal injury, including death, as well as from claims from property damage which <br /> may arise, or allege to arise, from Subdivider's, Subdivider's contractors', subcontractors', <br /> Subdivision Agreement Tract 8139-Roselyn Estates II Page 2 of 5 <br />