Common use of Decommissioning and Periodic adjustment of Surety Bond Clause in Contracts

Decommissioning and Periodic adjustment of Surety Bond. The Parties agree that a surety bond to cover the costs of decommissioning Applicant’s facilities is required as a condition in the CUP. Further, the Applicant recognizes the protection this provides for the County taxpayers and does not desire to shift that expense to them should the Applicant or its successors or the landowner not be able to comply with the decommissioning requirements; and County recognizes that the surety bond is an expense to be incurred by the Applicant encumbering funds that could otherwise go directly towards investing in the Project or other potential projects. In recognition of these factors, the Parties desire for the bond and the costs for such to accurately reflect the associated decommissioning costs being insured. Therefore, the Applicant, or its successor, agrees to update the gross estimated costs of decommissioning every five years and to reimburse the County for an independent review and analysis by a licensed engineer. The bond or surety amount shall be adjusted accordingly to ensure it accurately reflects the costs associated with decommissioning.

Decommissioning and Periodic adjustment of Surety Bond. The Parties agree that a surety bond to cover the costs of decommissioning Applicant’s 's facilities is required as a condition in the CUP. Further, the Applicant recognizes the protection this provides for the County taxpayers and does not desire to shift that expense to them should the Applicant or its successors or the landowner not be able to comply with the decommissioning requirements; requirements and County recognizes that the surety bond is an expense to be incurred by the Applicant encumbering funds that could otherwise go directly towards investing in the Project or other potential projects. In recognition of these factors, the Parties desire for the bond and the costs for such to accurately reflect the associated decommissioning costs being insured. Therefore, the Applicant, or its successor, agrees to update the gross estimated costs of decommissioning every five years and to reimburse the County for an independent review and analysis by a licensed engineer. The bond or surety amount shall be adjusted accordingly to ensure it accurately reflects the costs associated with decommissioning.

Decommissioning and Periodic adjustment of Surety Bond. The Parties agree that a surety bond to cover the costs of decommissioning Applicant’s 's facilities is required as a condition in the CUP. Further, the Applicant recognizes the protection this provides for the County taxpayers and does not desire to shift that expense to them should the Applicant or its successors or the landowner not be able to comply with the decommissioning requirements; requirements and County recognizes that the surety bond is an expense to be incurred by the Applicant encumbering funds that could otherwise go directly towards investing in the Project or other potential projects. In recognition of these factors, the Parties desire for the bond and the costs for such to accurately reflect the associated decommissioning costs being insured. Therefore, the Applicant, or its successor, agrees to update the gross estimated costs of decommissioning every five years and to reimburse the County for its reasonable costs for an independent review and analysis by a licensed engineer. The bond or surety amount shall be adjusted accordingly to ensure it accurately reflects the costs associated with decommissioning.