Development Contract Management Deposit Clause Samples
The Development Contract Management Deposit clause requires one party, typically the developer, to provide a financial deposit as security for the proper management and fulfillment of contractual obligations during a development project. This deposit is usually held in escrow or by the client and may be drawn upon if the developer fails to meet agreed milestones, quality standards, or other key terms of the contract. By ensuring that funds are available to address potential breaches or incomplete work, this clause protects the client’s interests and incentivizes the developer to perform as agreed, thereby reducing the risk of non-performance or project delays.
Development Contract Management Deposit. If at the time of submission of the Application for Final Subdivision approval, the Applicant has determined to install any public street or utility improvements privately, then the Applicant shall deposit with the City the cash in an amount as determined by Exhibit "C" prior to the scheduling of a pre-construction meeting for public improvements installed privately the Applicant or prior to the issuance of the "permit to proceed" or prior to the release of the Final Plat by the City for recording at Dakota County, whichever occurs first. The Development Contract Management Deposit is used by the City to cover inspection, development- agreement compliance, construction coordination, administrative costs for City approval and/or acceptance of privately-installed City improvements, and all other development related requirements.
Development Contract Management Deposit. A cash deposit payable prior to release of the Final Plat by the City in the amount set forth in Exhibit "C".