Common use of Security for Performance Required Clause in Contracts

Security for Performance Required. (1) To guarantee the satisfactory installation of the required improvements and as a condition of approval of the plat or certified survey map, the subdivider shall furnish to the Village an irrevocable letter of credit in a form acceptable to the Village and in an amount equal to one hundred twenty- five percent (125%) of the estimated cost of all required improvements as determined by the Village Engineer. If staging is permitted, the amount and duration of the security shall be determined in accordance with Subsection (b)(2).

Security for Performance Required. (1) To guarantee the satisfactory installation of the required improvements and as a condition of approval of the plat or certified survey map, the subdivider shall furnish to the Village an irrevocable letter of credit in a form acceptable to the Village and in an amount equal to one hundred twenty- five percent (125%) % of the estimated cost of all required improvements as determined by the Village Engineer. If Where staging is permitted, the amount and duration of the security shall be determined in accordance with Subsection (b)(2)a) above.

Security for Performance Required. (1) To guarantee the satisfactory installation of the required improvements and as a condition of approval of the plat or certified survey map, the subdivider shall furnish to the Village an irrevocable letter of credit credit, performance bond or any combination thereof at the developer’s choice in a form acceptable to the Village and in an amount equal to one hundred twenty- five percent (125%) 120% of the estimated cost of all required improvements as determined by the Village Engineer. If Where staging is permitted, the amount and duration of the security shall be determined in accordance with Subsection (b)(2)a) above.

Security for Performance Required. (1) To guarantee the satisfactory installation of the required improvements and as a condition of approval of the plat or certified survey map, the subdivider shall furnish to the Village an irrevocable letter of credit in a form acceptable to the Village and in an amount equal to one hundred twenty- twenty-five percent (125%) of the estimated cost of all required improvements as determined by the Village Engineer. If staging is permitted, the amount and duration of the security shall be determined in accordance with Subsection (b)(2).