Common use of Warranty/Guarantee Clause in Contracts

Warranty/Guarantee. A. The Developer shall warrant that all Public Improvements constructed pursuant to any applicable construction permit shall be free from defects, including, but not limited to, defects of materials, workmanship and design, and that the Public Improvements will otherwise fully comply with all applicable provisions of the Standards and Specifications for a period of no less than two (2) years from the date of Initial Acceptance or until eighty percent (80%) of the building permits have been issued for the Property, whichever is longer. B. The Developer shall provide a Warranty Guarantee equal to fifteen percent (15%) of the total estimated costs of the Public Improvements, excluding Landscape Improvements as provided in Section 5.06. The Warranty Guarantee shall provide security for the costs which may be necessary in repairing and/or replacing Improvements during the two (2) year Warranty Period following Initial Acceptance of the Public Improvements by the City. C. In the event that any substantial repair or replacement is required to any of the Public Improvements during the Warranty Period and such repair or replacement is not timely made upon notice to the Developer and or in any event before the expiration of the Warranty Period, the City may elect to: 1. Extend the Warranty Period for up to one (1) additional year past the original expiration following Initial Acceptance of the completed repair or replacement; 2. Adjust the amount or term of the Warranty Guarantee, as may be appropriate; or 3. Declare the Developer in default to the Developer pursuant to Section 15.00.

Warranty/Guarantee. A. The Developer shall warrant that all Public Improvements constructed pursuant to any applicable construction permit shall be free from defects, including, but not limited to, defects of materials, workmanship and design, and that the Public Improvements will otherwise fully comply with all applicable provisions of the Standards and Specifications for a period of no less than two (2) years from the date of Initial Acceptance or until eighty percent (80%) of the building permits have been issued for the PropertyProperty (per phase), whichever is longer. B. The Developer shall provide a Warranty Guarantee equal to fifteen percent (15%) of the total estimated costs of the Public Improvements, excluding Landscape Improvements as provided in Section 5.06. The Warranty Guarantee shall provide security for the costs which may be necessary in repairing and/or replacing Improvements during the two (2) year Warranty Period following Initial Acceptance of the Public Improvements by the City. C. In the event that any substantial repair or replacement is required to any of the Public Improvements during the Warranty Period and such repair or replacement is not timely made upon notice to the Developer and or in any event before the expiration of the Warranty Period, the City may elect to: 1. Extend the Warranty Period for up to one (1) additional year past the original expiration following Initial Acceptance of the completed repair or replacement; 2. Adjust the amount or term of the Warranty Guarantee, as may be appropriate; or 3. Declare the Developer in default to the Developer pursuant to Section 15.00.