Improvement Security. (a) Principal shall obtain and furnish to City an improvement security consisting of a surety bond in favor of City, issued by a corporate surety authorized to do business in the State of California, and in form approved by City, securing the faithful performance by Principal of the work of improvement required, and also securing the payment of the costs and interest, if any, due under Sections 12.030.210 et seq. of the Rancho Xxxxxxx City Code, as provided in Paragraph 5 herein and an additional bond issued by a corporate surety authorized to do business in the State of California, in the amount of not less than 50 percent of the total estimated cost of the improvement, securing payment to contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials for the improvement.
(b) In lieu of said corporate surety bonds, Principal may furnish an improvement security consisting of a letter of credit, certificate of deposit, or similar instrument of credit, in form satisfactory to City, issued by a financial institution subject to regulation by the State or Federal government, pledging that the funds necessary to meet the performance required herein are on deposit, and guaranteed for payment on demand. Said letter of credit, certificate of deposit, or similar instrument of credit shall provide that the funds designated therein shall become trust funds for the purposes set forth in said instrument.
(c) The failure of Principal to commence the required work of improvements, or to complete the same within the time required after commencement thereof, shall entitle City to the full payment of the security, or so much thereof as may be necessary to complete the required work of improvement. The amount of the surety bond for faithful performance shall be in the sum of $ . The amount of the surety bond for the payment of the claims of the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials for the improvement shall be at least 50 percent of the above amount. The letter of credit, certificate of deposit or similar instrument of credit, or cash deposit for faithful performance, shall be in the above amount plus an additional 50 percent for the purposes set forth herein.
Improvement Security. A. Prior to the City's execution of this Agreement, Developer shall provide as security to the City:
Improvement Security. A. Prior to the City's execution of this Agreement, SUBDIVIDER shall provide as security to the City:
Improvement Security. The Developer shall furnish faithful performance and labor and material security concurrently with the execution of this Agreement by the Developer, and prior to the commencement of any Work. The Developer shall furnish warranty security prior to the City's acceptance of the Work. The form of the security shall be as authorized by the Subdivision Map Act (including Government Code Sections 66499, et seq.) and Section 13.20.210 the Los Altos Municipal Code, and as set forth below: 4(a). Faithful Performance security in the amount of $147,814.00 (which amount is equal to the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (until the date on which the City Council accepts the Work as complete) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9. 4(b). Labor and Material security in the amount of $73,907.00 (which amount is equal to fifty
Improvement Security. Concurrently with the execution hereof, Developer shall deposit with City an adequate and satisfactory improvement security ("Improvement Security") in accordance with the provisions of this Section. The Improvement Security shall be in one or more of the forms set forth in Section 17.32.020(D) of the Lancaster Municipal Code, shall be subject to the City Engineer's approval, and shall include the following: (1) security in an amount equal to at least one hundred percent (100%) of the estimated cost of Improvements as security for the faithful performance of this Agreement and (2) separate security in an amount equal to at least fifty percent (50%) of the estimated cost of Improvements as security for the payment of all persons performing labor and furnishing materials in connection with this Agreement. Notwithstanding the foregoing, security in the form of a bank set aside letter approved by the City shall be in the amount of at least one hundred percent (100%) of the estimated cost of Improvements. If, at any time after deposit of the Improvement Security, a surety on such security is no longer acceptable to the City, Developer agrees to replace the Improvement Security with an acceptable Improvement Security within ten days after receiving notice that said surety is unacceptable. The City Engineer may approve/disapprove any Developer requests for substitution of the Improvement Security in his or her sole discretion.
Improvement Security. The Developer shall furnish faithful performance and labor and material security concurrently with the execution of this Agreement by the Developer, and prior to the commencement of any Work. The Developer shall furnish warranty security prior to the City's acceptance of the Work. The form of the security shall be as authorized by the Subdivision Map Act (including Government Code Sections 66499, et seq.) and Section 13.20.210 the Los Altos Municipal Code, and as set forth below: 4(a). Faithful Performance security in the amount of $144,899.00 (which amount is equal to the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (until the date on which the City Council accepts the Work as complete) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9. 4(b). Labor and Material security in the amount of $72,499.50 (which amount is equal to fifty (50) percent of the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure payment by the Developer to laborers and materialmen pursuant to Government Code Sections 66499.2, 66499.3, and 66499.4. 4(c). Warranty security in the amount of $14,489.00 (which amount is equal to ten (10) percent of the estimated cost to construct the Work in accordance with the Plans and Specifications) to secure faithful performance of this Agreement (from the date on which the City accepts the Work as complete until one year thereafter) pursuant to Government Code Sections 66499.1, 66499.4, and 66499.9.
Improvement Security. Concurrently with the execution hereof, Subdivider shall deposit with City an adequate and satisfactory improvement security which fully secures all the Subdivider’s obligations under this Agreement (the “Improvement Security”) in accordance with the provisions of Section 66499 of the Government Code of California, the City of Lancaster Subdivision Ordinance, Sections 16.32.020 of the Lancaster Municipal Code, and this Section. The Improvement Security shall be executed by a surety acceptable to the City and shall include the following:
(1) security in an amount equal to at least one hundred percent (100%) of the estimated cost to complete the remaining Improvements (as evidenced by a Bond Estimate Form approved by the City Engineer), including City inspection costs and costs of enforcement of this Agreement (the “Cost of Improvements”) as security for the faithful performance of this Agreement; (2) separate security in an amount equal to at least fifty percent (50%) of the estimated Cost of Improvements as security for the payment of all persons performing labor and furnishing materials in connection with this Agreement; (3) separate security in an amount equal to Fifty Eight Thousand Dollars ($58,000.00) as security for grading; and (4) security in the amount of ten percent (10%) of the Cost of Improvements to guarantee the Improvements against defective work, labor or material for one (1) year following City’s acceptance of the Improvements (which may be provided by a retention provision in the security as set forth in Section 9). If, at any time after deposit of the Improvement Security, the surety on said securities is no longer acceptable to the City, Subdivider agrees to replace said securities with securities of equal or greater value or penal sum, issued by an acceptable surety within ten days after receiving notice that said surety is unacceptable.
Improvement Security. Before beginning construction of the Project, Urban Tilth shall require its contractor to provide as security:
A. Performance and Guarantee: Security in the amount of 100% of the cost of the construction contract entered into by Urban Tilth and its contractor. Such security shall consist of a corporate surety bond, in a form acceptable to County, issued by a surety admitted in California and naming County as co-obligee on the bond. With this security, Urban Tilth's contractor guarantees performance under this Agreement and acceptance against any defective materials or any unsatisfactory performance.
Improvement Security. Concurrently with the execution of this Agreement by the Contractor, and before the commencement of any Work, the Contractor shall furnish improvement security, in a form substantially the same as that set forth in the Exhibits, attached hereto, or in an alternate form authorized by state law and approved by the City, in the following amounts:
14.1. Faithful Performance security in the amount of 100 % of the Contract Amount to secure faithful performance of this Agreement (until the date on which the City accepts the Work as complete).
Improvement Security. Developer shall provide to the City, no later than the issuance of a grading permit for the Project, an instrument or instruments securing the commencement, completion, and workmanship of the Public Improvements and securing the payment of laborers and materialmen performing or to perform work on the Public Improvements (collectively “Improvement Security”). The Improvement Security shall be one or more of the securities listed under California Government Code § 66499, as designated by the City. The principal amount of any Improvement Security shall be determined by the City by application of California Government Code §§ 66499.3 and 66499.4. All such Improvement Security provided to the City shall be released in accordance with the provisions of California Government Code § 66499.7.
