HomeMy WebLinkAboutPW15-197 9700 Panama Lane Perf Bond Release ltrB A K E R S F 1 E L D
PUBLIC WORKS DEPARTMENT
NICK FIDLER - DIRECTOR - CITY ENGINEER
September 7, 2016
Wallace & Smith Contractors
3325 Landco Drive
Bakersfield, California 93308
Re: Security Release for PW15 -197 Agreement - 9700 Panama Lane
Federal Insurance Company
Performance Bond No. 8233 -94 -52 ($852,622.00)
To Whom It May Concern:
All improvements for the above - referenced Public Works Agreement have been
completed and a NOTICE OF COMPLETION AND ACCEPTANCE OF WORK was filed on
August 30, 2016 by the City of Bakersfield. This letter is your authorization to release ONLY
the Performance Bond No. 8233- 94 -52. The original Performance Bond is attached.
The Developer will maintain the Labor and Material Bond No. 8233 -94 -51 ($426,311.00),
and Maintenance Bond No. 8233- 94 -52 -M ($85,262.20) from Federal Insurance Company.
The maintenance bond is required to guarantee all features of the improvements for a
minimum of one year from the date of recordation of the NOTICE OF COMPLETION AND
ACCEPTANCE OF WORK.
You are to maintain your policies of insurance for the duration of the warranty period.
Please submit to the City an updated copy of your Certificate of Insurance.
Should you have any questions regarding the above, please contact Michelle
Mendenhall at (661) 326 -3582.
Very Truly Yours,
Nick Fidler
City EngineerQo
By: Vaniel 1�
Padilla
Civil Engineer III - Subdivisions
XC: Reading file
Project file
S: /LANDDIVISION /REDUCE &RELEASE /2016 /PW15 -197 9700 PANAMA PERF BOND RELEASE
1600 Truxtun Avenue wwwbakeL eldcity.us
Bakersfield - California - 93301
o� �Z
(661)326-3724 a
Fax (661) 852 -2120
4`W P