Agenda Packets - 1999/05/10 - Laserfiche WebLink

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which is done or furnished by the Developer without prior written order is furnished at the Developer's risk, cost and expense, and the Developer agrees that it will make no claim for compensation for work or materials so done or furnished. • 2.06. Financial Guarantee. Prior to commencement of construction of the Improvements, the Developer agrees to furnish the City a performance bond, certified check, certificate of deposit, irrevocable letter of credit or cash escrow in the amount of 150% of the developer's share of the City's estimated costs for the Improvements (the "Financial Guarantee") as set forth in Exhibit "A". The Developer's estimated cost for the Improvements is $187,500. Upon failure of Developer to perform, the City may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand the Financial Guarantee be paid over to the City. From the proceeds of the Financial Guarantee, the City shall be reimbursed for any attorneys' fees, engineering fees or other technical, administrative or professional assistance, and the remainder thereof shall be used by the City to complete the Improvements. The Developer shall be liable to the City in the event that the Financial Guarantee is inadequate to reimburse the City for its costs and pay for the completion of the Improvements. 2.07. Insurance. The Developer or General Contractor shall furnish proof of insurance in an amount of at least $1,000,000, acceptable to the City, covering any public liability or property damage by reason of the operation of the Developer's or Developer's General Contractor equipment or laborers in connection with the Improvements. Developer agrees to require the General Contractor to keep the insurance in force at all times during construction of the Improvements and until acceptance thereof by the City. The insurance must name the City as an additional insured and must provide that the insurer will give the City not less than 30 days' written notice prior to cancellation or termination of the insurance policy. 2.08. Unsatisfactory Labor or Material. After the City's review of the plans and specifications for the Improvements, and prior to construction, in the event that the City rejects as defective or unsuitable any material or labor to be supplied by the Developer regarding the Improvements, the rejected material must be replaced with-approved material to the specifications and approval of the City and at the sole cost and expense of the Developer. 2.09. Final Inspection/Acceptance. Upon completion of the Improvements, representatives of the City and the Developer will make a final inspection of the work. Before final payment is made to the contractor by the Developer, the City must be satisfied that all work is satisfactorily completed in accordance with the Plans, and the Developer's engineer shall submit a written statement attesting to the same. The City shall have no obligation to accept the Improvements if they are not consistent with the Plans or not in compliance with all City ordinances and standards related thereto. Final approval and acceptance of the Improvements shall be by a resolution duly adopted by the city council of the City. 2.10. Warranty on Property Work and Materials. The Developer warrants all work required to be performed by it under this Agreement regarding the Improvements against defective material and faulty workership for a period of one (1) year after completion and acceptance by the City, except that the warranty period for the street, drainage, and erosion control portions of the Improvements shall be for two (2)years after completion and acceptance by the City. All trees, grass, sod or other landscaping installed in connection with the Improvements are warranted to be alive, of good SJR-149487 5 MU210-8