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CITY OF SANTA ANA RE -BID <br />CONSTRUCTION CONTRACT AGREEMENT <br />PROJECT NO. 16 -7523 <br />WASHINGTON SQUARE RESIDENTIAL STREET REPAIR <br />4. CONTRACTOR agrees to complete the Work of Improvement within the time specified in <br />the Time for Completion of Improvements section of the BID PROPOSAL (Exhibit "A ") <br />including commencing construction within the timeframe therein specified after issuance of a <br />Notice to Proceed. <br />5. The CONTRACTOR will pay, and will require all subcontractors to pay, all employees on <br />the Work of Improvement a salary or wage at least equal to the prevailing salary or wage <br />established for such work as set forth in the wage determinations for this work in accordance <br />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, famish 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 />%I <br />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 />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. // <br />23�A 38 <br />