CCP 07102023 - Laserfiche WebLink

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1 1.The Developer shall provide the City Engineer a minimum of one business day notice 2 prior to the commencement of the underground pipe laying; and prior to subgrade, gravel 3 base and bituminous surface construction. 4 2.Developer’s failure to comply with the terms of this section shall permit the City 5 Engineer to issue a stop work order which may result in a rejection of the work and 6 which shall obligate the Developer to take all reasonable steps, as directed by the City 7 Engineer to ensure that the improvements are constructed and inspected pursuant to the 8 terms of this Agreement; and shall further result in the assessment of a penalty, in an 9 amount equal to 1% peroccurrence, of the amount of the security required for Developer 10 improvements, which amount the Developer agrees to pay to the City upon demand. 11 H.Engineering Coordination.A City Engineering Coordinator shall be assigned to this project to 12 provide furtherprotection for the City against defects and deficiencies in the work and 13 improvements through the observations of the work in progress and field checks of materials and 14 equipment. However, the furnishing of such engineering coordination will not make the City 15 responsible for construction means, methods, techniques, sequences or procedures or for the safety 16 precautions or programs, or for the Contractors failure to perform his work in accordance with the 17 Plans. The Developer is obligated to pay the City forCity inspection services an amount equal to 4% 18 of the estimated cost of the Public Improvements, which amount is $3,200.This amount shall be 19 paid at or prior to the execution of this Agreement. 20 I.Security.To guarantee compliance with the terms of this Agreement, payment of the costs of all 21 Public Improvements and construction of all Public Improvements, the Developer shall furnish 22 either: a) a cash deposit, or b) an irrevocable letter of credit for $100,000in a form to be approved by 23 the City (the “Financial Security”). The amount of the Financial Security is 125% of the estimated 24 cost to construct the Public Improvements. The City shall have the right to draw on the Letter of 25 Credit in the event that the Developer fails to perform any of its obligations under this Agreement. 26 1.Reduction of Security.Periodically upon the Developers written request, the City 27 Engineer may reduce the amount of the Financial Security for completed Public 28 Improvements provided the following conditions are met: 29 a)The Developer’s engineer certifies that the Public improvements have been 30 constructed to City Standards and in accordance with the Plans. 31 b)The Developer provides documentation that its contractors and all their 32 subcontractors and suppliers have been paid in full for the work completed and materials 33 supplied. 34 c)The City Engineer determines that such Public Improvements have been fully 35 completed in accordance with the Plans, specifications and provisions of this Agreement. 36 The amount of reduction shall be equal to that portion of the Financial Security which covers 37 such completed Public Improvements; provided however, in no case shall the remaining 38 amount of the Financial Security be less than the greater of: (i) 25% of the original amount of 39 the Financial Security, or (ii)125% of the estimated cost to complete the Public 40 Improvements which have not been completed as determined by the City Engineer. 41 42 2.Release of Security. This Agreement shall run with the land and may be recorded against 43 the title to the Property. After thework described in this Agreement has been completed, Page 4of