Common use of For Payment Clause in Contracts

For Payment. Security in an amount equal to fifty percent (50%) of the Estimated Total Cost of the Improvements (excluding Grading and Monumentation) as set forth above in the Subdivision Reference Data. With this security, the form of which shall be subject to the City's prior approval, the SUBDIVIDER guarantees payment to the contractors, subcontractors, and persons renting equipment or furnishing labor or materials to them or to the SUBDIVIDER. If monumentation is involved, this improvement security shall also guarantee to the SUBDIVIDER's engineer or surveyor payment of the Estimated Total Cost of setting monuments, as required by Government Code Section 66497.