Common use of Reduction of Security Clause in Contracts

Reduction of Security. If during the term of this Agreement the City reduces the financial assurance requirements commensurate with the completion of improvements, such reduction shall be subject to 10% of the cost of the completed improvements to be held as Warranty Security for the Warranty Period provided in this Agreement. At the time of acceptance of the completed Subdivision Improvements, City will issue a written release of the remaining amount of the security, less 10% of the total costs of the Improvements, which shall be withheld by the City as Warranty Security. The Warranty Security shall remain in effect for the Warranty Period plus an additional 90 days.

Reduction of Security. If during the term of this Agreement Agreement, the City reduces the financial assurance requirements commensurate with the completion of improvements, such reduction shall be subject to 10% of the cost of the completed improvements to be held as Warranty Security for the Warranty Period provided in this Agreement. At the time of acceptance of the completed Subdivision Improvementsimprovements, City will issue a written release of the remaining amount of the security, less 10% of the total costs of the Improvements, which shall be withheld by the City as Warranty Security. The Warranty Security shall remain in effect for the Warranty Period plus an additional 90 days.

Reduction of Security. If during the term of this Agreement the City reduces the financial assurance requirements commensurate with the completion of improvements, such reduction shall be subject to 10% 10 percent of the cost of the completed improvements to be held as Warranty Security for the Warranty Period provided in this Agreement. At the time of acceptance of the completed Subdivision Improvements, City will issue a written release of the remaining amount of the security, less 10% 10 percent of the total costs of the Improvements, which shall be withheld by the City as Warranty Security. The Warranty Security shall remain in effect for the Warranty Period plus an additional 90 days.