Common use of Construction Security Deposit Clause in Contracts

Construction Security Deposit. Tenant’s contractor shall provide a security deposit in the amount of $20,000.00 prior to the issuance of a building permit. Tenant’s contractor will be charged for any damages or other work that may be deemed necessary to ensure the safe orderly operation of the Airport and the charges will be deducted from Contractor’s security deposit. The security deposit will be returned to Tenant’s Contractor upon completion of the work, less any substantiated claims.