Common use of Reduction of Financial Security Instrument Clause in Contracts

Reduction of Financial Security Instrument. As work progresses on installation of the Public Improvements, the Village Engineer, upon written request from the Developer from time to time, is authorized to recommend a reduction in the amount of the Financial Security Instrument as hereinafter provided. When portions of the Public Improvements are completed by the Developer, and determined acceptable by the Village Engineer, the Village Administrator is authorized to reduce the amount of the required Financial Security Instrument after receiving: (1) copies of pay requests approved by the Developer’s Engineer; (2) a statement from the Developer’s Engineer certifying the estimated cost of the total amount of work remaining to complete the Public Improvements, including all approved or anticipated change orders; and, (3) partial lien waivers from the general contractor, subcontractors and material suppliers for the total amount paid to date. The amount of the reduced Financial Security Instrument shall be not less than the estimated cost of the total work remaining to complete the Public Improvements, including approved and anticipated change orders, plus 10 percent of the cost of the completed Public Improvements, and including the cleaning of stormwater management measures prior to acceptance of such measures, as certified by the Developer’s Engineer, and approved by the Village Engineer.

Reduction of Financial Security Instrument. As work progresses on installation of the Public Improvements, the Village Engineer, upon written request from the Developer from time to time, is authorized to recommend a reduction in the amount of the Financial Security Instrument as hereinafter provided. When portions of the Public Improvements are completed by the Developer, and determined acceptable by the Village Engineer, the Village Administrator Engineer is authorized to reduce the amount of the required Financial Security Instrument after receiving: (1) copies of pay requests approved by the Developer’s Engineerengineer; (2) a statement from the Developer’s Engineer certifying the estimated cost of the total amount of work remaining to complete the Public Improvements, including all approved or anticipated change orders; and, (3) partial lien waivers from the general contractor, subcontractors subcontractors, and material suppliers for the total amount paid to date. The amount of the reduced Financial Security Instrument shall be not less than 120% of the estimated cost of the total work remaining to complete the Public Improvements, including approved and anticipated change orders, plus 10 percent of the cost of the completed Public Improvements, and including the cleaning of stormwater management measures prior to acceptance of such measures, as certified by the Developer’s Engineer, and approved by the Village Engineer.

Reduction of Financial Security Instrument. As work progresses on installation of the Public Improvements, the Village Engineer, upon written request from the Developer from time to time, is authorized to recommend a reduction in the amount of the Financial Security Instrument as hereinafter provided. When portions of the Public Improvements are completed by the Developer, and determined acceptable by the Village Engineer, the Village Administrator Engineer is authorized to reduce the amount of the required Financial Security Instrument after receiving: (1) copies of pay requests approved by the Developer’s Engineerengineer; (2) a statement from the Developer’s Engineer certifying the estimated cost of the total amount of work remaining to complete the Public Improvements, including all approved or anticipated change orders; and, (3) partial lien waivers from the general contractor, subcontractors subcontractors, and material suppliers for the total amount paid to date. The amount of the reduced Financial Security Instrument shall be not less than 120% of the estimated cost of the total work remaining to complete the Public Improvements, including approved and anticipated change orders, plus 10 percent of the cost of the completed Public Improvements, and including the cleaning of stormwater management measures prior to acceptance of such measures, as certified by the Developer’s Engineer, and approved by the Village Engineer.

Reduction of Financial Security Instrument. As work progresses on installation of the Public Improvements, the Village Engineer, upon written request from the Developer from time to time, is authorized to recommend a reduction in the amount of the Financial Security Instrument as hereinafter provided. When portions of the Public Improvements are completed by the Developer, and determined acceptable by the Village Engineer, the Village Administrator Engineer is authorized to reduce the amount of the required Financial Security Instrument after receiving: (1) copies of pay requests approved by the Developer’s Engineerengineer; (2) a statement from the Developer’s Engineer certifying the estimated cost of the total amount of work remaining to complete the Public Improvements, including all approved or anticipated change orders; and, (3) partial lien waivers from the general contractor, subcontractors subcontractors, and material suppliers for the total amount paid to date. The amount of the reduced Financial Security Instrument shall be not less than 120% of the estimated cost of the total work remaining to complete the Public Improvements, including approved and anticipated change orders, plus 10 percent of the cost of the completed Public Improvements, and including the cleaning of stormwater management measures prior to acceptance of such measures, as certified by the Developer’s Engineer, and approved by the Village Engineer. Notwithstanding anything otherwise set forth herein, the amount of surety required at any time shall comply with Wis. Stat. § 236.13.