SYCAMORE FUNDING DEVELOPMENT - Laserfiche WebLink

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 often percent (10%) of the estimated value of the public improvements for providing maintenance for a period of one year following final acceptance by the City Council of said 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: $4,160,300 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. Financing. In the event City and the Subdivider enter a contract providing an appropriate special assessment act for financing and improving streets and easements, the City may consent to the following: a. including this tract and other lands within said contracts, and b. releasing improvement security as defined in Section 66499 of the Government Code, where the assessment contract has filed surety bonds for said improvements. 9. Defects. Subdivider shall be liable for defects in workmanship and materials on all of the above described improvements for a period of one (1) year after City's acceptance and, as security for liability against such defects, Subdivider shall file improvement or maintenance security with the City, of a type approved by the City Attorney, in the amount often (10) percent of the total estimated cost set forth above. 10. Workers' Compensation. Before commencing work under this contract, Subdivider shall take out and maintain during the course of this Agreement, such worker's compensation insurance as required by the laws of the State of California. If the Subdivider is not the general contractor, then the general contractor shall provide the City with said certificate of worker's compensation insurance prior to start of construction. If the insurance should lapse during construction, City may procure such insurance for the Subdivider and the Subdivider shall pay the cost. 11. Hold Harmless. Subdivider shall indemnify and hold City, its elective and appointive Boards, Commissions, Council, officers, employees, and agents harmless from any liability for damage or claims for damage for personal injury, including death, as well as from claims from property damage, which may arise from Subdivider's work under this Agreement, (Revised November 1998)