Common use of Partial Release of Security Clause in Contracts

Partial Release of Security. At the time of Preliminary Acceptance of any specific completed work items listed in Exhibit A, the County shall issue a written release of the Security and the plat restriction provided in Section 3.1. The amount to be released for the completed Subdivision Improvements shall be the total amount of the Security for each completed work item, provided sufficient amounts exist on deposit for completion of the remaining incomplete Subdivision Improvements. A “Warranty Security” in the amount of 15% of the total cost of such work items shall remain on deposit with the County until final acceptance of the completed Subdivision Improvements.

Partial Release of Security. At the time of Preliminary Acceptance of any specific completed work items listed in Exhibit A, the County shall issue a written release of the Security and the plat restriction provided in Section 3.1. The amount to be released for the completed Subdivision Improvements shall be the total amount of the Security for each completed work item, provided sufficient amounts exist on deposit for completion of the remaining incomplete Subdivision Improvements. A “Warranty Security” Security in the amount of 15% of the total cost of such work items shall remain on deposit with the County until final acceptance of the completed Subdivision Improvementssubdivision improvements.