RUBY HILL DEVELOPMENT VINEYARD AVE S CURVE - ROADWAY IMPROVEMENT AGMT

•_' ~. c. instruments of credit from financial institutions subject to regulation by state or federal government, or d. 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 ptiQt to the execution of this Agreement, as a part of the existing improvement district proceedings, and e. a maintenance bond for a period of one yeaz fallowing final acceptance by the City Council of said public improvements valued at ten percent (10%} of the estimated value of the public improvements. 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, 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, and one bond in the amount of ten percent (10%} of the estimated value of the public improvements. Instruments of credit shall be in an amount not less than 100% of the total estimated cost of improvements which is as follows: $560,000.00 In the event of any 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. 8. pe~s~. Subdivider shall be liable for defects in workmanship and materials on all of the above described improvements for a period of one (1) yeaz 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 ten (10) percent of the total estimated cost set forth above. 9. Workers' Compensation. Before commencing work under this contract, Subdivider shall take out and maintain during the course of this Agreement, such workers' compensation insurance as required by the laws of the State of California. If the Acting General Contractor is not the Subdivider, then the General Contractor will provide the City with said certificate of worker's compensation insurance prior to start of construction. On failing to do so, the City may procure such insurance for the Subdivider and the Subdivider shall pay the cost. 10. 1•Iold Harmless Agreement. Subdivider hereby agrees to and .shall hold City, its elective and appointive Boards, Commissions, officers, agents, and employees, harmless from any liability for damage or claims for damage for personal injury, including death, as well as Page 3