Common use of Security for Construction of Infrastructure Improvements Clause in Contracts

Security for Construction of Infrastructure Improvements. 1. Prior to commencing construction of the Infrastructure Improvements, Developer shall provide, or cause to be procured, to the City an irrevocable letter of credit or a performance surety bond payable to the City equal to one hundred fifteen percent (115%) of the estimated cost of the Infrastructure Improvements (the “Infrastructure Security”). A bond or letter of credit shall be valid until Initial Acceptance of the Infrastructure Improvements. Any bond or letter of credit shall meet the requirements for bonds or letters of credit set forth in subsections III.D.1-2. 2. Upon issuance of the letter of Initial Acceptance described in Section IV.A., the City shall release the Infrastructure Security so long as all releases of mechanic’s lien have been filed with respect to the project and an acceptable warranty performance guarantee as provided in Section III has been executed and delivered to the City.

Security for Construction of Infrastructure Improvements. 1. Prior to commencing construction of the Infrastructure Improvements, Developer shall provide, or cause to be procured, to the City an irrevocable letter of credit or a performance surety bond xxxxxx xxxx payable to the City equal to one hundred fifteen percent (115%) of the estimated cost of the Infrastructure Improvements (the “Infrastructure Security”). A bond or letter of credit shall be valid until Initial Acceptance of the Infrastructure Improvements. Any bond or letter of credit shall meet the requirements for bonds or letters of credit set forth in subsections III.D.1-2. 2. Upon issuance of the letter of Initial Acceptance described in Section IV.A., the City shall release the Infrastructure Security so long as all releases of mechanic’s lien have been filed with respect to the project and an acceptable warranty performance guarantee as provided in Section III has been executed and delivered to the City.

Security for Construction of Infrastructure Improvements. 1. Prior to commencing construction of any of the Infrastructure Improvements, Developer shall provide, or cause to be procured, to the City an irrevocable letter of credit or a performance surety bond payable to the City equal to one hundred fifteen percent (115%) of the estimated cost of the Infrastructure Improvements (the “Infrastructure Security”). A bond or letter of credit shall be valid until Initial Acceptance of the Infrastructure Improvements. Any bond or letter of credit shall meet the requirements for bonds or letters of credit set forth in subsections III.D.1-2. 2. Upon issuance of the letter of Initial Acceptance described in Section IV.A., the City shall release the Infrastructure Security so long as all releases of mechanic’s lien have been filed with respect to the project and an acceptable warranty performance guarantee as provided in Section III has been executed and delivered to the City.