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<br />. Improvements after acceptance thereof by <br /> the City Engineer and receipt of as-built <br /> drawings. Determination of the estimated <br /> construction costs of the Project shall be <br /> in the reasonable discretion of the City <br /> Engineer. It shall be. set forth in a <br /> letter from him to the Developer copies of <br /> which shall be sent to the City as well. <br /> The performance bond or letter of credit <br /> shall be posted with the City within ten <br /> (10) days after the date of such letter. <br /> (0) Developer's Warranty. Developer warrants <br /> and guarantees that the Developer <br /> {Project] Improvements constructed <br /> hereunder will be of good quality and free <br /> from faults and defects and in accordance <br /> with the plans and specifications. Such <br /> warranty and guarantee shall be in effect <br /> and binding upon the Developer for a <br /> period of one (1) year after the date of <br /> the City Engineer's final approval thereof <br /> as provided hereinabove. Wi thin said one <br /> (ll year Developer shall be obligated upon <br />. receipt of written instructions from the <br /> City Engineer to correct all faults and <br /> deficiencies in the Developer [Project] <br /> Improvements indicated in said written <br /> instructions and in the manner specified <br /> by the City Engineer. The City Engineer <br /> will give prompt written notice of <br /> observed defects. The warranty or <br /> guarantee provided in this Section shall <br /> be in addition to and not in limitation of <br /> any other remedies provided hereunder or <br /> by law. <br /> If the Developer, after receipt of such <br /> written instructions from the City <br /> Engineer, fails to proceed promptly to <br /> comply with the terms of such instructions <br /> and this . warranty or guarantee, the City <br /> may have the work corrected at its own <br /> expense and the Developer shall be liable <br /> for all expenses incurred which it shall <br /> pay within thirty (30) days after <br /> submission to it of an invoice setting <br /> forth such expenses. Interest shall <br /> accrue on delinquent expenses from the <br />. date of such invoice until paid in full at <br /> the lesser of fifteen percent (15%) per i <br /> annum or the maximum lawful rate. <br />. .._ __.."'.'-.....b._.........---".--~. . r <br /> __._.___~-_..~,-^- '--'-c- <br /> ------------ <br />