Common use of Performance Security Reductions Clause in Contracts

Performance Security Reductions. A Performance Security may be reduced by the City Council prior to Acceptance of all required Public Improvements. To qualify for a Performance Security reduction, the installed Public Improvements must be completed in compliance with the approved plans, specifications, and standards as determined by the City Engineer. Each reduction allowed will be in the amount of the estimated cost, prepared and certified by the Subdivider’s engineer, of the part of the subdivision improvements acknowledged in writing by the City Engineer. In no event shall the Performance Security be reduced to less than ten percent of the Engineer’s Estimate for all subdivision improvements until all Public Improvements are completed, accepted by the City Council, and the Warranty Security is in place. A request for reduction in the Performance Security may be made no more frequently than every thirty days. Upon receipt of a reduction request, the City Engineer will respond to the Subdivider within seven working days concerning the request and have the request placed on the next available City Council meeting agenda. The City Council, at such meeting, shall act to approve or deny the request.

Performance Security Reductions. A Performance Security may be reduced by the City Council prior to Final Acceptance of all required Public Improvements. To qualify for a Performance Security reduction, the installed completed Public Improvements must be completed in compliance with the approved plans, specifications, and standards as determined by the City Engineer. Each reduction allowed will be in the amount of the estimated cost, prepared and certified by the SubdividerDeveloper’s engineer, of the part of the subdivision improvements acknowledged accepted in writing by the City Engineer. In no event shall the Performance Security be reduced to less than ten (ten) 10 percent of the Engineer’s Estimate for all subdivision improvements until all Public Improvements are completed, accepted by the City CouncilEngineer, and the Warranty Security is in place. A request for reduction in the Performance Security may be made no more frequently than every thirty (30) days. Upon receipt of a reduction request, the City Engineer will respond to the Subdivider Developer within seven (7) working days concerning the request and have the request placed on the next available City Council meeting agenda. The City Council, at such meeting, shall act to approve approving or deny denying the request.