CONSTRUCTION CASH DEPOSIT. Developer may provide the City with a cash deposit in lieu of the performance bond required by Section 9 herein. No construction shall be commenced until the cash deposit is accepted by the City. This cash deposit shall be conditioned and held subject to the same terms as the Performance Bond in Section 9, and will be refunded to Developer upon satisfactory completion of the Extensions and connection of the Extensions to the existing system; provided, that in the event pre-existing City facilities have not been repaired or restored as required by this Agreement, the City may, in addition to any other rights it may have, retain the total amount of the cash deposit as liquidated damages or such portion of said deposit as may be necessary to defray such costs.
Appears in 7 contracts
Samples: Easement Agreement, Developer Extension Agreement Contract Documents, Developer Extension Agreement Contract Documents
