Common use of Security for Design and Construction of Public Improvements Clause in Contracts

Security for Design and Construction of Public Improvements. The estimated cost of constructing the Public Improvements in accordance with the Plans, which has been determined by a professional engineer and approved by the City’s Development Engineer, (the “Cost Estimate”) is set forth in Exhibit “C” attached to this Agreement and by this reference incorporated within it. To secure the Owner/Developer’s obligations to design and construct the Public Improvements, the Owner/Developer shall provide a financial guarantee of performance in the amount of One Hundred Twenty Five Percent (125%) of the Cost Estimate (the "Security"). The Security must be in a form approved by the City Attorney.

Security for Design and Construction of Public Improvements. The estimated cost of constructing the Public Improvements in accordance with the Plans, which has been determined by a professional engineer and approved by the City’s Development Engineer, (the “Cost Estimate”) is set forth in Exhibit “C” attached to this Agreement and by this reference incorporated within it. To secure the Owner/Developer’s Subdivider's obligations to design and construct the Public Improvements, the Owner/Developer Subdivider shall provide a financial guarantee of performance in the amount of One Hundred Twenty Five Percent (125%) of the Cost Estimate (the "Security"). The Security must be in a form approved by the City Attorney.