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" • ' � . <br /> C. Contractors - The Developer shall select, retain and <br /> supervise the Contractor( s ) responsible for Improvement <br /> construction. The City reserves the right to require <br /> satisfactory proof of successful experience and adequate <br /> financial status of any such contractor. Where required by City <br /> ordinance, the contractor shal 1 first obtain a license from the <br /> City. <br /> D. PreConstruction Conference - Prior to the start of any <br /> construction, the D€veloper and the Developer's Contractor shall <br /> meet with the responsible City official to review construction <br /> plans and schedules. <br /> E. Permits - Prior to the start of any construction, the <br /> Developer's Contractor shall apply for and receive al 1 necessary <br /> permits from the City and/or government agencies having <br /> jurisdiction. <br /> F. Construction - The construction, instal Iation and materials <br /> shall be in accordance with the plans and specifications approved <br /> by the City. <br /> G. Insurance - The Developer will cause each perscn who <br /> constructs and installs any Improvement to maintain complete <br /> insurance coverage including Workmen's Compensation, Liability <br /> and Property Damage. <br /> 5. Perf ormance Deposit: For the purposes of assuring to the City <br /> that the Improvements will be completed according to the terms of this <br /> agreement, and that the Developer will pay all claims for work done <br /> and materials and supplies furnished, the Developer has deposited with <br /> the City at the time of the execution of this agreement an irrevocable <br /> letter of credit in a form satisfactory to the City providing that the <br /> City is able to draw upon such letter of credit in its sole discretion <br /> to complete the Improvements if the Developer fails to satisfactorily <br /> complete the work prior to the completion date specified in Section 4 <br /> above. The amount of such deposit shall not be reduced before <br /> substantial completion of the Improvements. The letter of credit <br /> shall expire no sooner than six months af ter the completion date <br /> specified in Section 4 above, or no sooner than <br /> whichever is later. <br /> Initials af Developer <br /> Initials of City Clerk <br /> Page 3 of 7 <br />