Laserfiche WebLink
<br />STANDARD PUBLIC IMPROVEMENT AGREEMENT Page 5 of 13 <br />Draft 1- 1/29/2014; SL 4/23/2014 <br />estimated cost of constructing the required improvements and the cost of any other obligation to be <br />performed by Owner hereunder, securing the faithful performance of this Agreement. <br /> (b) Separate improvement security in the sum of Seven Hundred and Ninety-four <br />Thousand, Four Hundred and Twenty DOLLARS ($794,420.00),which sum is equal to one hundred percent <br />(100%) of the estimated cost of constructing the required improvements, security payment to the contractor, <br />his subcontractor and to persons furnishing labor, materials or equipment to them for the construction of the <br />required improvements, and for the payment of amounts due under the Unemployment Insurance Act with <br />respect to such work or labor in connection with the installation of such improvements. The form of the <br />improvement security shall be subject to the approval of the City Attorney. Improvement security shall be <br />reduced or released by City only in the manner provided by the City Engineer. No change, alteration or <br />addition to the terms of this Agreement or the plans and specifications accompanying the same shall in any <br />manner affect the obligation of those providing improvement security pursuant to this Agreement. <br /> 14. Maintenance Security: Prior to the issuance of any building permit contemplated by this <br />Agreement the Owner shall furnish to City: a maintenance and repair security in a form acceptable to the <br />City Engineer in the amount of Seventy-Nine Thousand, Four Hundred and Fourty-Two DOLLARS <br />($79,442), to guarantee that all areas to be improved are free from defect for a period of one year after initial <br />acceptance of entire work by the City. In the event Owner fails, neglects or refuses to maintain said areas, <br />City is hereby authorized to expend all or any portion of said deposit during construction and during the one <br />year maintenance period to accomplish the above. <br /> 15. Hold Harmless Agreement. Owner hereby agrees to, and shall, hold City, its elective and <br />appointive boards, commissions, officers, agents and employees harmless from and against any or all loss, <br />liability, expense, claim, costs, suits, damages of every kind, nature and description directly or indirectly <br />arising from the performance of the work from Owner, Owner's contractors', subcontractors', agents' or <br />employees' operations under this Agreement. Owner agrees to, and shall, defend City and its elective and <br />appointive boards, commissions, officers, agents and employees from any suits or actions at law or in equity