Laserfiche WebLink
a Security given for faithful performance of any act, obligation, work or agreement <br /> shall be released upon the final completion and acceptance of the act or work, subject to the <br /> provisions of subsection b hereof <br /> b City may release a portion of the security given for faithful performance of the <br /> Improvement work as the work progresses upon application therefor by Subdivider, provided, <br /> however,that no such release shall be for an amount less than 25%of the total Improvement <br /> security given for faithful performance of the Improvement work and that the security shall not <br /> be reduced to an amount less than 50% of the total Improvement security given for faithful <br /> performance until final completion and acceptance of the Improvements In no event shall the <br /> City Engineer authorize a release of the Improvement security which would reduce the security <br /> to an amount below 125% of that required to guarantee completion for the Improvement work <br /> and any other obligation imposed by this Agreement <br /> c Security given to secure payment to any contractor, subcontractors and to persons <br /> furnishing labor, materials or equipment shall, at six(6) months after the completion and <br /> acceptance of the work, be reduced to an amount equal to no less than 125%of the total claimed <br /> by all claimants for whom liens have been filed and of which notice has been given to City, plus <br /> an amount reasonably determined by City to be required to assure the performance of any other <br /> obligations secured by the security The balance of the security shall be released upon the <br /> settlement of all claims and obligations for which the security was given <br /> d No security given for the guarantee or warranty for work shall be released until <br /> the expiration of the warranty period and until any claims filed during the warranty period have <br /> been settled As provided in Paragraph 12,the warranty period shall not commence until final <br /> acceptance of all the work and Improvements by City <br /> e City may retain from any security released, an amount to sufficiently cover costs <br /> and reasonable expenses and fees, including reasonable attorneys' fees <br /> 9 Iniury to Improvements Public Property or Public Utilities' Facilities <br /> a Subdivider shall replace or repair, or have replaced of repaired, as the case may <br /> be, all public Improvements, public utility facilities and surveying or subdivision monuments <br /> which are destroyed or damaged as a result of any work undei this Agreement Subdivider shall <br /> bear the entire cost of replacement of repairs of any and all public or public utility property <br /> daimaged or destroyed by reason of any work done under this Agreement,whether such property <br /> is owned by the United States or any agency thereof, or the State of California, or any agency or <br /> political subdivision thereof, of by City or any public or private utility corporation of by any <br /> combination of such owners Any repair or replacement shall be to the satisfaction, and subject <br /> to the approval, of the City Engineer <br /> b Furthermore, until such time as the Improvements are accepted by City, <br /> Subdivider shall be responsible for, and bear the risk of loss to,the Improvements Until all <br /> Improvements required by this Agreement are fully completed and accepted by City, Subdivider <br /> shall be responsible for the care and maintenance of, and any damage to, such Improvements <br /> 1-Ica1damlAgreements\Subdivision Improvement Agreement TM 18988.�Ic <br />