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A 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 construction within the timeframe 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. CONTRACTOR shall, after award of this Contract, Runish two bonds to be approved by the CITY, one in the amount of One Hundred Percont (100%) of the Contract price, to guarantee the faithful performance of the; work (Perfonnance bond.), and one in the amount of One Hundred Percent (100%) of the Contract price to guarantee payment of all claims for labor and materials furnished. (Payment Bond), This Contract shall not become effective until such bonds are supplied to and approved by the CITY. 7. CONTRACTOR, shall, prior to the release of the perfomaace and payment bonds or the retention payment, furnish a warranty performance and payment bond (Warranty Bond). Said Warranty Bond shall also be required as a. condition of project acceptance. For projects yap to Five Hundred. Thousand Dollars ($500,000), the Warranty Bond amount shall be the greater of Ten Thousand Dollars ($10,000) or Twenty Percent (20%) of the final contract price. For projects above Five Hundred 'l"housand Dollars ($500,000), the Warranty Bond amount shall be the greater of One Hundred Thousand Dollars ($100,000) or Tan Percent (101/1o) ofthe final contract price. 8, 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 by the CITY. !l Page 2 of 3