MAINTENANCE GUARANTEE RETAINAGE Sample Clauses

MAINTENANCE GUARANTEE RETAINAGE. This Maintenance Guarantee Retainage is equal to 3% of the total cost of main water construction, but no less than $2,500. This Maintenance Guarantee shall be withheld from the original deposit at the time of acceptance of the completed project. The District will retain the Maintenance Guarantee for a minimum of two (2) years after the project is accepted. The Maintenance Guarantee Retainage shall be to condition the Developer’s compliance with the terms, conditions, and standards contained or referenced herein, and shall insure the District against any damage to its existing system and/or proposed extension as a result of the Developer’s failure to comply. The Maintenance Guarantee Retainage shall be used in cases determined by the District when the Developer has failed to make necessary repairs or restoration of any failures, including ditch settlement, of any portion of the project covered by the guarantee within seven days or per City or County Standards, whichever is shorter, after notification by the District of the necessity for said repairs. At the end of the seven day period, if the Developer has not accomplished the necessary work, the District will have the work done and pay all costs in connection therewith from the deposit. Determination of any necessary repairs or restoration will be made by the District during the course of periodic inspections and until the final inspection that is to be made within two (2) years of the District’s acceptance of the Xxxx of Sale as provided herein. The Maintenance Guarantee Retainage will be retained by the District until all items requiring repair or restoration have been satisfactorily completed, and a copy of King County’s or the City’s approval of the plat have been provided to the District. In the event the Maintenance Guarantee Retainage is reduced by application by the District to repairs or restoration prior to the final inspection, the District may notify the Developer of the amount of the Guarantee Deposit, which has been utilized, and the Developer shall immediately deposit with the District the amount of such deposit deficiency. The amount of the Maintenance Guarantee Retainage shall not constitute a limit on the amount of any District claim, nor on the Developer’s liability for repairs or restoration, or liability arising out of any other claim by the District for breach of any term of this Agreement.
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