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(c) Contractors - The Developer shall select, retain and supervise the Contractor(s) <br /> responsible for Improvement construction. The City reserves the right to require <br /> satisfactory proof of successful experience and adequate financial status of any such <br /> contractor. Where required by City ordinance, the contractor shall first obtain a <br /> license from the City. <br /> (d) Pre-Construction Conference - Prior to the start of any construction,the Developer <br /> and the Developer's Contractor shall meet with the responsible Cityofficial to review <br /> p <br /> construction plans and schedules. <br /> (e) Permits-Prior to the start of any construction,the Developer's Contractor shall apply <br /> for and receive all necessary permits from the City and/or government agencies <br /> having jurisdiction. Required City permits relative to the Improvements include the <br /> following: Site Grading Permit; Utility Construction Permit; Sewer and Water <br /> Connection Permits. <br /> (f) Construction-The construction,installation and materials shall be in accordance with <br /> the plans and specifications approved by the City. <br /> (g) Insurance - The Developer will cause each person who constructs and installs any <br /> Improvement to maintain complete insurance coverage including Workmen's <br /> Compensation, Liability and Property Damage. <br /> 12. Performance Deposit: For the purposes of assuring to the City that the Improvements will <br /> be completed according to the terms of this agreement, and that the Developer will pay or <br /> will cause to have paid all claims for work done and materials and supplies furnished, the <br /> Developer or his designated General Contractor will deposit with the City prior to the City's <br /> issuance of site grading and building permits an irrevocable letter of credit in a form <br /> satisfactory to the City providing that the City is able to draw upon such letter of credit in its <br /> sole discretion to complete the Improvements if the Developer fails to satisfactorily complete <br /> the work prior to the completion date specified in Section 11 above. The amount of such <br /> deposit is $461,408 per the schedule attached to this document as Exhibit H. The amount <br /> of such deposit shall not be reduced before substantial completion of the Improvements.The <br /> letter of credit shall expire no sooner than six months after the completion date specified in <br /> Section 11 above. <br /> Page 7 of 17 <br />