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CITY OF SANTA ANA <br />CONSTRUCTION CONTRACT <br />PROJECT NO. 14-7540 <br />EL SALVADOR PARK IMPROVEMENTS <br />expressly or by implication agree that the actual amount of work will correspond therewith, <br />but reserves the right to increase or decrease the amount of any class or portion of the work <br />or to omit portions of the work as may be deemed necessary or advisable. <br />4. CONTRACTOR agrees to complete the Project No. 14-7540, El Salvador Park <br />Improvements within the time specified in the Time for Completion of Improvements section <br />of the BID PROPOSAL (Exhibit "A") including commencing construction within the <br />timeframe therein specified after issuance of a Notice to Proceed. <br />5. The CONTRACTOR will pay, and will require all subcontractors to pay, all employees on <br />the Project No. 14-7540, El Salvador Park Improvements a salary or wage at least equal to <br />the prevailing salary or wage established for such work as set forth in the wage <br />determinations for this 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 such <br />bonds are supplied to and approved by the CITY. CONTRACTOR shall, prior to the release <br />of the performance and payment bonds or the retention payment, furnish a warranty <br />performance and payment bond equal to at least ten (10%) percent of the final Contract price <br />or $1,000, whichever is greater (Warranty Bond). <br />7. CONTRACTOR shall, upon project completion as a condition of project acceptance, furnish <br />a 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 <br />Insurance and Worker's Compensation Insurance as outlined in the General Provisions, to be <br />approved by the CITY. u <br />H <br />Page 2 of 3 <br />