Common use of Release of Deposit Clause in Contracts

Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.

Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent twenty- five (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.

Release of Deposit. If an element of the Improvements (i.e., storm drain, roadway, parks and open space and/or culinary and irrigation water) has been constructed to the reasonable satisfaction of the City, then the City will release fifty percent (50%) of the Deposit that is associated with such element. Upon Installation/Acceptance of an element of the Improvements, the City will release forty percent (40%) of the Deposit that is associated with such element. Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Deposit.