Common use of Performance Security & Warranty Clause in Contracts

Performance Security & Warranty. ‌ The following is applicable to all Land Use Decisions that are conditioned to perform public improvements. When public improvements are required, no application shall be granted final plat approval unless the applicant has already constructed the improvements, and the City Public Works Director has accepted the required improvements or the applicant has executed an improvement agreement pursuant to the provisions listed below. If the applicant chooses to construct the improvements, it shall also file with the City a warranty bond executed by a surety company to cover the one-year warranty period following acceptance by the City. Said bond shall be in the amount of ten percent (10%) of the total value of the improvements. For commercial and industrial building projects the Public Works Director may elect to waive the improvement agreement requirement on public improvements and instead place a restriction on providing final occupancy and water/sewer access until the public improvements are completed and accepted by the Public Works Department.

Performance Security & Warranty. ‌ The following is applicable to all Land Use Decisions that are conditioned to perform public improvements. When public improvements are required, no application shall be granted final plat plan approval unless the applicant has already constructed the improvements, and the City Public Works Director has accepted the required improvements or the applicant has executed an improvement agreement pursuant to the provisions listed below. If the applicant chooses to construct the improvements, it shall also file with the City a warranty bond executed by a surety company to cover the one-one year warranty period following acceptance by the City. Said bond shall be in the amount of ten percent (10%) of the total value of the improvements. For commercial and industrial building projects the Public Works Director may elect to waive the improvement agreement requirement on public improvements and instead place a restriction on providing final occupancy and water/sewer access until the public improvements are completed and accepted by the Public Works Department.

Performance Security & Warranty. ‌ The following is applicable to all Land Use Decisions that are conditioned to perform public improvements. When public improvements are required, no application shall be granted final plat plan approval unless the applicant has already constructed the improvements, and the City Public Works Director has accepted the required improvements or the applicant has executed an improvement agreement pursuant to the provisions listed below. If the applicant chooses to construct the improvements, it shall also file with the City a warranty bond executed by a surety company to cover the one-one year warranty period following acceptance by the City. Said bond shall be in the amount of ten percent (10%) of the total value of the improvements. For commercial and industrial building projects projects, in lieu of providing a performance bond, the Public Works Director may elect to waive the improvement agreement performance bonding requirement on public improvements and instead place a restriction on providing final occupancy and water/sewer access until the public improvements are completed and accepted by the Public Works Department.