Common use of REDUCTION OF THE BOND AMOUNT Clause in Contracts

REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by the Applicant and inspected by the City, a portion of the Bond Amount may be released to the Applicant upon the Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested release shall be determined in the sole discretion of the City. No release shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of the Improvements or any portion of the Improvements, even if verified by the City, shall not automatically entitle the Applicant to a release of any portion of the Bond Amount. The release of any portion of the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney.

REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by the Applicant and inspected by the City, a portion of the Bond Amount may be released to the Applicant reduced upon the Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested release reduction shall be determined in the sole discretion of the City. No release reduction shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of the Improvements or any portion of the Improvements, even if verified by the City, shall not automatically entitle the Applicant to a release reduction of any portion part of the Bond Amount. The release of any portion of Any reduction in the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney.

REDUCTION OF THE BOND AMOUNT. As elements of the Improvements (e.g., roads) are completed by the Applicant and inspected by the City, a portion of the Bond Amount may be released to the Applicant reduced upon the Applicant’s written request. Such requests may be made no more frequently than once every 30 days. The amount of any requested release reduction shall be determined in the sole discretion of the City. No release reduction shall be authorized until such time as the City has inspected the Improvements and found them to be in compliance with City standards. Completion of the Improvements or any portion of the Improvements, even if verified by the City, shall not automatically entitle the Applicant to a release reduction of any portion part of the Bond Amount. The release of any portion of Any reduction in the Bond Amount must be evidenced by a City Certificate of Completion of Public Works, and must be approved in writing by the City Attorney. Applicant may substitute the original Letter of Credit with new Letters of Credit reflecting the reduced Bond Amount.