Bonding for Improvements Sample Clauses

Bonding for Improvements. The Master Developer may defer improvements so long as the completion of the work is guaranteed by a performance/payment bond or other financial guarantee and is not required by permit conditions or necessary for utility service or safety conditions of the public. Consistent with the Black Diamond Engineering Design and Construction Standards (Exhibit “E”), Section 1.5, the bond, or other financial guarantee, must be in a form acceptable to the City in an amount equal to one hundred fifty percent (150%) of the expected construction cost of all of the uncompleted work. The City Engineer shall review Master Developer’s estimate of the cost of the improvements, identified in an approved set of civil construction drawings, guaranteeing the actual construction and installation of such improvements and payment for such improvements within a time frame to be set by the City Engineer consistent with this Section. The construction estimate (for bond calculation purposes) shall include 15% for soft costs and 10% for administrative costs.