Maintenance Guarantee. Prior to the issuance of the Notice of Construction Acceptance of the Public Improvements, Developer shall provide the Town with a maintenance guarantee in the form of a cash escrow deposited with the Town, a bond in the form approved by the Town or an irrevocable letter of credit in the form attached hereto as Exhibit D in which the Town is designated as the beneficiary (“Maintenance Guarantee”). The Maintenance Guarantee shall equal fifteen percent (15%) of the total cost of the Public Improvements. The Maintenance Guarantee shall warrant and guarantee all expenses and costs for maintenance, repairs and replacements of the Public Improvements until Final Acceptance. The Maintenance Guarantee shall be released after Final Acceptance of all of the Public Improvements. The Maintenance Guarantee may also be used to ensure that the installed landscaping, a Private Improvement, is satisfactorily established during the period between the issuance of the Notice of Construction Acceptance and Final Acceptance of the Public Improvements.
Maintenance Guarantee. 38.1 The Letter of Credit deposited by the Developer pursuant to Section 37 hereof may, upon the completion of the Primary Services, and prior to the assumption of the Works by the Town, at the Director of Public Works discretion, be reduced to an amount equal to ten percent (10%) of the completed Works (Schedule "F") plus one hundred and twenty per cent (120%) of the value, as estimated by the Director of Public Works, of any uncompleted Works and such Letter of Credit shall be retained by the Town as a Maintenance Guarantee to guarantee the workmanship and materials of the Works until such time as the maintenance guarantee periods as provided for in Sections 32.2 and 32.3 have both expired.
38.2 The Letter of Credit may be realized upon by the Town if the Developer defaults in any payment or condition contained herein.
38.3 The Developer shall be conclusively deemed to be in breach of the covenant if, in the case of the cost of the Works or the fees of the Owner’s/Developer's Consulting Engineer and the Ontario Land Surveyor, a lien against the Lands or any part thereof is preserved pursuant to the Construction Lien Act and if, in the case of any other payment required to be made under this Agreement, a notice to that effect is forwarded to the Developer by the Director of Public Works in accordance with Section 39.2 hereof.
Maintenance Guarantee. Upon completion of the S.R. 56 Extension and Eastern Segment and final acceptance by the COUNTY and/or FDOT in accordance with the County Engineering Inspections Division certification as required in this section, the DEVELOPER or DISTRICT, as applicable, and its construction contractor shall be required to guarantee that the S.R. 56 Extension and Eastern Segment and all work performed is free from defects in workmanship or materials by completing an initial maintenance period and providing a Maintenance Guarantee valid for the entire initial maintenance period plus six (6) months. The monetary amount which shall be made available to the COUNTY under the terms of the Maintenance Guarantee shall be equal to fifteen (15) percent of the cost of the project. The amount shall be based on the engineer’s own estimate amounts or an estimate established by multiplying the actual unit quantity by the unit costs contained in Engineering Services Department: A Procedural Guide for the Preparation of Assurances of Completion and Maintenance (as may be subsequently amended). The form of the Maintenance Guarantee shall be in accordance with the aforementioned Procedural Guide for the Preparation of Assurances of Completion and Maintenance, which may include a CDD Maintenance Guarantee. The initial maintenance period shall be three (3) years commencing on the date of acknowledgement of completion and acceptance of a Maintenance Guarantee in accordance with this section, provided, however that the initial Maintenance Guarantee shall be terminated and the Maintenance Guarantee shall no longer be required by COUNTY if FDOT instead of the COUNTY accepts the improvements for maintenance. If FDOT accepts the improvements for maintenance, then the DEVELOPER shall comply with the maintenance guarantee requirements of FDOT. The DEVELOPER shall be responsible for maintaining the project during the initial maintenance period and, if any part of the project should fail within this period due to such a defect, it shall be repaired, replaced, and/or restored to satisfactory condition and/or operation at no cost to the COUNTY. In the event the DEVELOPER or DISTRICT, as applicable, does not maintain the project during the initial maintenance period, the County Administrator shall notify the DEVELOPER or DISTRICT, as applicable, in writing via certified mail, return receipt requested, of the areas that require maintenance. The DEVELOPER or DISTRICT, as applicable, shall have sixty (60) da...
Maintenance Guarantee. 16.1 The cash deposit or Letter of Credit deposited by the Owner pursuant to Section 15 herein shall, upon the completion of the Primary Services and upon the issuance of Preliminary Certificate of Completion of Primary Services by the Town, be reduced in accordance with Section 15.3. The Town will retain 10% of the original security for Primary Services, in addition to securities for Secondary Services and any other securities or deposits required by this Agreement. The Town will release the remaining security for Primary Services upon expiry of a one (1) year maintenance period and the issuance of the Final Certificate of Completion of Primary Services.
16.2 The cash deposit or Letter of Credit deposited by the Owner pursuant to Section 15 herein shall, upon the completion of the Secondary Services and upon the issuance of the Preliminary Certificate of Completion of Secondary Services by the Town, be reduced in accordance with Section 15.4. The Town will retain 10% of the original securities for Secondary Services, in addition to any remaining securities for Primary Services in Section 16.1 above, and any other securities or deposits required by this Agreement. The Town will release the remaining securities for Secondary Services upon expiry of a one (1) year maintenance period and the issuance of the Final Certificate of Completion of Services.
16.3 The Owner shall be conclusively deemed to be in default of this Agreement if, in the case of the cost of the Works or materials or the fees of the Consulting Engineering Firm, a lien against the Lands, or any part thereof, is preserved pursuant to the Construction Lien Act and if, in the case of any other payment required to be made under the Agreement, a notice to that effect is forwarded to the Owner by the Director of Operations.
16.4 Upon the passing of the Assumption By-law in accordance with Section 10 herein, the Town shall release all monies and other credits, or the amounts thereof remaining, to the Owner.
Maintenance Guarantee. Upon completion of each of the Pipeline Projects and final acceptance by the COUNTY and/or FDOT, the DEVELOPER and its construction contractor shall guarantee that all equipment furnished and work performed is free from defects in workmanship or materials for a period of one (1) year after final acceptance, and, if any part of the construction should fail within this period due to such a defect, it shall be repaired, replaced, and/or restored to satisfactory condition and/or operation at no cost to the COUNTY and/or FDOT. The Performance Guarantees for the Pipeline Projects may cover this guarantee if they remain in place for a period of one (1) year after final acceptance in an amount equal to fifteen (15) percent of the applicable construction contract amount, or the DEVELOPER or its contractor may post separate Maintenance Bonds acceptable to the COUNTY to guarantee maintenance in accordance with this paragraph. This remedy for correction is a contractual obligation that is a cumulative, not exclusive remedy. Upon completion of construction of the improvements and final inspection by the COUNTY and/or FDOT as being constructed in accordance with all appropriate contract documents and permit require- ments, etc., and upon the expiration of the required one (1) year Maintenance Guarantee, the COUNTY and/or FDOT shall be responsible for maintenance of the roadway and roadway-drainage facilities which are not commingled/combined.
Maintenance Guarantee. Upon completion of each portion of the Roadway Improvements, and final acceptance by the County and/or FDOT, the Developer and its construction contractor shall guarantee that all equipment furnished and work performed is free from defects in workmanship or materials for a period of three (3) years after final acceptance, and, if any part of the construction should fail within this period due to such a defect, it shall be repaired, replaced, and/or restored to satisfactory condition and/or operation at no cost to the County and/or FDOT. The Security may cover this guarantee, if they remain in place for a period of three (3) years after final acceptance in an amount equal to at least fifteen percent (15%) of the applicable construction contract amount and the Security specifically provides for this guarantee, or the Developer or its general contractors may post separate maintenance bonds acceptable to the County and/or FDOT to guarantee maintenance in accordance with this paragraph. This remedy for correction is a contractual obligation that is a cumulative, not exclusive remedy. Upon completion of construction of the each portion of the Roadway Improvements and final inspection by the County and/or FDOT as being constructed in accordance with all appropriate contract documents and permit requirements, and upon the expiration of the required maintenance guarantee period, the County shall be responsible for maintenance of the roadway and roadway drainage facilities which are not commingled/combined. Anything to the contrary notwithstanding, the three (3) year maintenance guarantee required by this paragraph shall be terminated and no longer required by the County if FDOT instead of the County accepts the applicable Roadway Improvements for maintenance. In such event the Developer shall comply with the maintenance requirements of FDOT as to such Roadway Improvements.
Maintenance Guarantee. 11.1 The cash deposit or Letter of Credit deposited by the Developer pursuant to Section 10 herein shall, upon the completion of the work and upon the issuance of Preliminary Certificate of Completion by the Town, be reduced in accordance with Section 10.4 and the minimum Letter of Credit amount shall be retained by the Town as a maintenance guarantee to guarantee the workmanship and materials of the Works for a minimum period of one (1) year from the date of the Preliminary Certificate of Completion.
Maintenance Guarantee. Where stormwater management and erosion and sediment control facilities are to be operated and maintained by the developer or by a corporation that owns or manages a commercial or industrial facility, the developer, prior to construction, may be required to provide the Town of Xxxxxxx with an irrevocable letter of credit from an approved financial institution or surety to ensure proper operation and maintenance of all stormwater management and erosion control facilities both during and after construction, and until the facilities are removed from operation. If the developer or landowner fails to properly operate and maintain stormwater management and erosion and sediment control facilities, the Town of Xxxxxxx may draw upon the account to cover the costs of proper operation and maintenance, including engineering and inspection costs.
Maintenance Guarantee. 12.1. Prior to District’s acceptance of the work, Developer must provide District with a maintenance bond, letter of credit or other financial security satisfactory to District (“Maintenance Guarantee”) in a sum equal to 50% of the cost of the District-Owned Improvements to be transferred to District. The Maintenance Guarantee is for the purpose of warranting all materials and workmanship furnished pursuant to this Agreement for one year from the date of District's notice of acceptance of the Work.
12.2. Developer and/or its surety under the Maintenance Guarantee must repair or replace to the satisfaction of District all or any portion of the Work that may prove defective in workmanship or materials, ordinary wear and tear excepted, together with any other Work or facilities which may be damaged or displaced in so doing.
12.3. In the event of failure to comply with the above-stated conditions within a reasonable time, District is authorized to have the defect repaired and made good. Developer and its surety under the Maintenance Guarantee will be jointly and severally liable to District for the costs of repair, including, but not limited to, management and administrative costs, and engineering, legal and other costs incurred relating to the repair. District will bill Developer and the surety for the costs, which bill must be paid within 30 days of its date. Interest will accrue on any late payment at the legal rate then prevailing.
Maintenance Guarantee. No later than the final day of effect of the aforesaid Performance Guarantee and Optional Project Segment Performance Guarantee or extended guarantee as the case may be, Contractor shall deposit with Company an unconditional bank guarantee of identical language the existing Performance Guarantee and Optional Project Segment Performance Guarantee or extended guarantee as the case may be, in the amount of ten percent (10%) of the Support Fees in effect for the entire Maintenance Period.
