Common use of MAINTENANCE GUARANTEE REQUIRED Clause in Contracts

MAINTENANCE GUARANTEE REQUIRED. 21. (a) To ensure that the grading, landscaping and the Services will be properly maintained for a period of one (1) year from issuance of the Letter of Completion and that all failed plantings, if any, and erosion, if any, will be replaced and/or repaired, the Owner shall, prior to the release by the Town of the Performance Guarantee(s), lodge with the Town a “Maintenance Guarantee” consisting of an irrevocable bank letter of credit, cash, or certified cheque in an amount equal to such amount as the Town may reasonably require. If a letter of credit, the Owner covenants and agrees that the letter of credit shall be maintained in full force and effect for a period of one (1) year from date the Letter of Completion is issued by the Town.

MAINTENANCE GUARANTEE REQUIRED. 21. (a) To In order to ensure that the grading, landscaping and the Services will be properly maintained for a period of one (1) year from issuance of the Letter of Completion and that all failed plantings, if any, and erosion, if any, will be replaced and/or repaired, the Owner shall, prior to the release by the Town of the Performance Guarantee(s), lodge with the Town a “Maintenance Guarantee” consisting of an irrevocable bank letter of credit, cash, or certified cheque in an amount equal to such amount as the Town may reasonably require. If a letter of credit, the Owner covenants and agrees that the letter of credit shall be maintained in full force and effect for a period of one (1) year from the date the Letter of Completion is issued by the Town.