Common use of Security for Maintenance of Public Improvements Clause in Contracts

Security for Maintenance of Public Improvements. As a condition of the City’s acceptance of dedication of any of the Public Improvements, and to secure the Owner/Developer’s warranty obligations during the Maintenance Period, the Owner/Developer shall provide a “Maintenance Bond” in the amount of Ten Percent (10%) of the total cost of constructing the Public Improvements. The Maintenance Bond must be in a form approved for use by the City Attorney. The Public Improvements must meet the Standards and Plans at the end of the Maintenance Period in order for the City to release the Maintenance Bond.

Security for Maintenance of Public Improvements. As a condition of the City’s acceptance of dedication of any of the Public Improvements, and to secure the Owner/Developer’s Subdivider's warranty obligations during the Maintenance Period, the Owner/Developer Subdivider shall provide a “Maintenance Bond” in the amount of Ten Percent (10%) of the total cost of constructing the Public Improvements. The Maintenance Bond must be in a form approved for use by the City Attorney. The Public Improvements must meet the Standards and Plans at the end of the Maintenance Period in order for the City to release the Maintenance Bond.