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CITY OF SANTA ANA <br />Construction Contract <br />PROJECT NO. 14 -7515 <br />MEMORIAL PARK SECURITY LIGHTING <br />4. CONTRACTOR agrees to complete the "Memorial Park Security Lighting Project" within the <br />time specified in the Time for Completion of Improvements section of the BID PROPOSAL <br />including commencing construction within the timeframe therein specified after issuance of <br />a Notice to Proceed. <br />5. The CONTRACTOR will pay, and will require all subcontractors to pay, all employees on the <br />"Memorial Park Security Lighting Project" a salary or wage at least equal to the prevailing <br />salary or wage established for such work as set forth in the wage determinations for this <br />work in accordance with applicable State and Federal law. <br />6. CONTRACTOR shall, after award of this Contract, furnish two bonds to be approved by the <br />CITY, one in the amount of One Hundred Percent (100 %) of the Contract price, to guarantee <br />the faithful performance of the work (Performance Bond), and one in the amount of One <br />Hundred Percent (100 %) of the Contract price to guarantee payment of all claims for labor <br />and materials furnished (Payment Bond). This Contract shall not become effective until <br />such bonds are supplied to and approved by the CITY, CONTRACTOR shall, prior to the <br />release of the performance and payment bonds or the retention payment, furnish a <br />warranty performance and payment bond equal to at least ten (10 %) percent of the final <br />Contract price or $1,000, whichever is greater (Warranty Bond). <br />7. CONTRACTOR shall, upon project completion as a condition of project acceptance, furnish a <br />Warranty Payment and Performance bond to be approved by the CITY, in the amount of <br />Twenty -Five Percent (25 %) of the Contract price, to warrant the work done under said <br />Contract Agreement against material or quality defects for a period of one year after <br />acceptance by the AGENCY. <br />s. CONTRACTOR shall, after award of this Contract, furnish Certificates of Liability Insurance <br />and Worker's Compensation Insurance as outlined in the General Provisions, to be <br />approved by the CITY. // <br />Page 2 of 3 <br />23B -10 <br />