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4. CONTRACTOR agrees to complete the WORK OF IMPROVEMENT within the time specified in the Time for Completion of Improvements section of the 'BID PROPOSAL. (Exhibit "A") including commencing eonstruct.ion within the dmeframe therein specified after issuance of a Notice to Proceed. 5. The CONTRACTOR will pay, and will require all subcontractors to pay, all employees on the WORK OF IMPROVEMENT a salary or wage at least equal to the prevailing salary or wage established for such work as set forth in the wage determinations for this work in accordance with applicable State and federal law, 6. If applicable, the CONTRACTOR shall adhere to the CITY'S Community Workforce Agreement (CWA), a pre-Itlre collective bargaining agreement, which establishes the labor relations policies and procedures for CONTRACTOR to follow in the crafts persons employed to complete the WORK Of IMPROVEMENT as more fuilydescribedinthe CWA, The CWA may be found on the City's website at: i, CONTRACTOR shall, after award of this Contract, furnish two bonds to be approved by the CITY, one in the amount of One Hundred Percent (100%) of the Contract price, to guarantee the faithful performance of the work (Performance Bond), and one in the amount of Clue Hundred Percent (1001%) of the Contract price to guarantee payment of all claims for tabor and materials furnished (Payment Hand). This Contract shalt not become effective until such bonds are supplied to and approved by the CITY. S. CONTRACTOR shall, prior to die release of the performance and payment bonds or the retention payment, furnish a warranty performance and payment band (Warranty Bondi, Said Warranty Bond shall also be required as a condition of project acceptance. For projects up to Five Hundred Thousand Dollars ($500,000), the Warranty Bond amount shal I be the greater of Teti Thousand Dollars ($ 10,000) or Twenty Percent (20%) of the final contract price. For projects above Five Hundred Thousand Dollars ($500,000), the Warranty Bond amount shall be the greater of One Hundred Thousand Dollars ($100.000) or Ten Percent { lOOK) ofthe final contract price. 9. CONTRACTOR shall, after award of this Contract, furnish Certificates of Liability Insurance and Worker's Compensation Insurance as outlined in the General Provisions, to be approved bytheCITY, t/ Page 2 of 3