Contractor to Perform Restoration. If the Association undertakes Restoration of the Property and the costs of Restoration, as estimated by the Board in the Board's notice to the Owners of such event will exceed FIFTY THOUSAND ($50,000.00) DOLLARS, the Board must contract with a licensed contractor or contractors who shall be required to post a suitable performance bond. The contract shall provide for the payment of a specified sum for completion of the work and shall provide for periodic disbursements of funds, which shall be subject to the prior presentation of an architect*s certificate containing such provisions as may be appropriate in the circumstances and deemed suitable by the Board.
Appears in 5 contracts
Samples: Owners Agreement, Owners Agreement, Owners Agreement
