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Jrtl-04-i996 16:42 qeefhhusef ' c. i£"E hu::. p .h 61 j I cS ^ K • OS 10 <br />C. Contractors - Tiie Developer shall select, retain and <br />supeir/ise 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 shall first obtain ailicense from tje <br />cicy- VcJ^ Lnuxih' <br />D. Preconstruction Conference - Prior to the start of any <br />construction, the Developer 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 t.he start of any construction, the <br />Developer's Contractor shall apply for and receive all necessary <br />permits from the City and/or government agencies having <br />jurisdiction. <br />F. Construction - The construction, installation and materials <br />shall be in accordance with the plans and specifications approved <br />by the City. <br />G. Insurance - The Developer v;ill cause each person who <br />constructs and installs any Improvement to maintain complete <br />insurance coverage including 'Workmen's Compensation, Liability <br />and Property Damage. <br />s.Performance Deposit ; For the pur-poses 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 v;ith <br />the Citv at the time of the execution cf this agreement an irrevocable <br />letter o credit in a form Sditisfactory 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 Imprcvemer.t3 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 Iraprovemencs. The lecter of credit <br />shall expire no sooner than six m.onchs after t.he completion date <br />no sooner than ■ _ _scecified in Section <br />whichever is later. <br />4 aoove, c <br />Initials of Developer _ <br />Initials of City Clerk <br />Pace 3 of