Common use of Extension of Warranty Periods Clause in Contracts

Extension of Warranty Periods. Warranty periods will begin upon the completion and Final Approval of the delayed installation of Public Improvements. The Warranty Security in the amount of Ten percent (10%) of the original Engineer’s Estimate for all the work will be required to remain in place until all warranty periods, including delayed installation improvements, have been completed with the following exception: if the original Warranty Periods have expired and the cost of the delayed installation improvements are less than the warranty security, then the Warranty Security for the delayed installation warranty improvement security may be reduced to One Hundred percent (100%) of the cost of the delayed installation improvements.