Common use of Performance Securities Clause in Contracts

Performance Securities. 14.1 So as to assure the performance by the Owner of the terms and provisions of this Agreement, the Owner shall deposit with the Town securities in accordance with the Development Manual and this Agreement and to the satisfaction of the Director of Municipal Services for the Town in the amount of 50% of the awarded tender price for all services for the plan, to be deposited with the Town prior to the initiation of the installation of any services. Securities shall be provided as cash, an irrevocable Letter of Credit or a Subdivision Bond, each of which must be in a form satisfactory to the Town. 14.2 It is the intent herein that if the Owner shall fail in the performance of the terms and conditions of this Agreement, the Town shall be entitled to realize on the securities that have been deposited with respect to this Agreement in order to fulfill those terms and conditions in respect of which the Owner is in default. 14.3 It is also the intent herein that if the Owner fails in the performance of any of the terms and conditions of this Agreement, the Town at its option, may refuse to grant to the Owner any permissions, certificates, approvals, building permits or authorities of any kind or nature which the Owner, had the Owner otherwise complied with the Town requirements and this Agreement, may have been entitled to receive. The Town may continue to refuse to grant any permissions, certificates, approvals, building permits or authorities until the Town is satisfied that any default in question shall have been remedied. 14.4 No performance security will be released until the Owner has filed a maintenance security in accordance with the Development Manual and this Agreement. 14.5 The refund of any monies paid by the Owner pursuant to this Agreement shall be at the sole discretion of the Corporation, but under no circumstances will interest be paid on any refund.

Performance Securities. 14.1 13.1 So as to assure the performance by the Owner of the terms and provisions of this Agreement, the Owner shall deposit with the Town Municipality securities in accordance with the Development Manual Standards and this Agreement and to the satisfaction of the Director of Municipal Services Engineer for the Town Municipality in the amount of 50% of the awarded tender price for all services for the plan, to be deposited with the Town Municipality prior to the initiation of the installation of any services. Securities shall be provided as cash, an irrevocable Letter of Credit or a Subdivision Bond, each of which must be in a form satisfactory to the TownMunicipality. 14.2 13.2 It is the intent herein that if the Owner shall fail in the performance of the terms and conditions of this Agreement, the Town Municipality shall be entitled to realize on the securities that have been deposited with respect to this Agreement in order to fulfill those terms and conditions in respect of which the Owner is in default. 14.3 13.3 It is also the intent herein that if the Owner fails in the performance of any of the terms and conditions of this Agreement, the Town Municipality at its option, may refuse to grant to the Owner any permissions, certificates, approvals, building permits or authorities of any kind or nature which the Owner, had the Owner otherwise complied with the Town Municipality requirements and this Agreement, may have been entitled to receive. The Town Municipality may continue to refuse to grant any permissions, certificates, approvals, building permits or authorities until the Town Municipality is satisfied that any default in question shall have been remedied. 14.4 13.4 No performance security will be released until the Owner has filed a maintenance security in accordance with the Development Manual and this Agreement. 14.5 13.5 The refund of any monies paid by the Owner pursuant to this Agreement shall be at the sole discretion of the Corporation, but under no circumstances will interest be paid on any refund.

Performance Securities. 14.1 So as to assure the performance by the Owner of the terms and provisions of this Agreement, the Owner shall deposit with the Town securities in accordance with the Development Manual and this Agreement and to the satisfaction of the Director of Municipal Infrastructure and Engineering Services for the Town in the amount of 50% of the awarded tender price for all services for the plan, to be deposited with the Town prior to the initiation of the installation of any services. Securities shall be provided as cash, an irrevocable Letter of Credit or a Subdivision Bond, each of which must be in a form satisfactory to the Town. 14.2 It is the intent herein that if the Owner shall fail in the performance of the terms and conditions of this Agreement, the Town shall be entitled to realize on the securities that have been deposited with respect to this Agreement in order to fulfill those terms and conditions in respect of which the Owner is in default. 14.3 It is also the intent herein that if the Owner fails in the performance of any of the terms and conditions of this Agreement, the Town at its option, may refuse to grant to the Owner any permissions, certificates, approvals, building permits or authorities of any kind or nature which the Owner, had the Owner otherwise complied with the Town requirements and this Agreement, may have been entitled to receive. The Town may continue to refuse to grant any permissions, certificates, approvals, building permits or authorities until the Town is satisfied that any default in question shall have been remedied. 14.4 No performance security will be released until the Owner has filed a maintenance security in accordance with the Development Manual and this Agreement. 14.5 The refund of any monies paid by the Owner pursuant to this Agreement shall be at the sole discretion of the Corporation, but under no circumstances will interest be paid on any refund.