WARRANTY SECURITY. The Supplier shall provide the Purchaser with an unconditional, irrevocable, first demand guarantee, issued by a first class international merchant bank or insurance company guarantee as a security for the Supplier’s performance of its obligations during the warranty period as defined in ARTICLE B7 of the Specific Articles (the “Warranty Security”). This Warranty Security shall be for the amountof five (5%) of the Contractprice and shall be valid as from the date of Acceptance set out in ARTICLE B6, and shall be released by the Purchaser upon Supplier’s request transmitted to the Purchaser representative at the expiry of the Warranty Periodplus onemonth provided that the Supplier hasfulfilled all its obligations under the Contract.
WARRANTY SECURITY. The financial security as provided for herein to warrant all Public Improvements as more fully provided for herein by the Responsible Party or a security provider as set forth herein.
WARRANTY SECURITY. The Responsible Party understands and agrees that the City will not approve any Final Plat within the identified Subdivision until it has been determined all required Public Improvements have been accepted and found free of defects for the required Warranty Period(s), unless prior to any final platting the Responsible Party executes a Warranty Security in favor of the City for Ten percent (10%) of the Engineer’s Estimate for the duration of the Warranty Period(s). The Responsible Party shall use the Warranty Security form approved by the City Attorney. Each Warranty Security required by this Agreement shall be secured in favor of the City by one of the following methods:
WARRANTY SECURITY. The City shall release the Warranty Security upon expiration of the warranty period and settlement of any claims filed during the warranty period.
WARRANTY SECURITY. The Subdivider understands and agrees that the City will not accept, and therefore, will not maintain any Public Improvements within the identified Subdivision until said Public Improvements are found free of defects for the required Warranty Period, unless prior to any platting the Subdivider executes a Warranty Security in favor of the City for ten percent of the Engineer’s Estimate for the duration of the Warranty Period. The Subdivider shall use the Warranty Security form approved by the City Attorney. Each Warranty Security required by this Agreement shall be secured in favor of the City by one of the following methods:
a. Escrow account,
b. Letter of irrevocable credit, or
c. A bond from a corporate surety licensed and authorized to do business in the State of South Dakota as surety and subject to written approval by the City Engineer which approval shall be at its sole discretion. The Subdivider is not required to provide a warranty for any facilities furnished and installed by the City. However, the cost of the same shall be used for purposes of calculating the ten percent Warranty Security as set forth herein.
WARRANTY SECURITY. To warranty the Developer’s work for a period of one (1) year following recordation of the Notice of Acceptance against any defective work or labor done or defective materials furnished in the additional amount of 25% of the estimated cost of the Public Improvements (hereinafter “Warranty Security”); and
WARRANTY SECURITY. Security for the guarantee and warranty of the Improvements (“Warranty Security”) shall be made for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials, and shall be furnished in the sum of fifty percent (50%) of said total estimated cost of the Improvements, said sum being in the amount of one hundred thirteen thousand five hundred and twenty eight dollars ($113,528). Warranty Security will be provided by the Developer upon final acceptance of said work by the County and prior to release of the Performance and Payment Securities.
WARRANTY SECURITY. $ _ which represents ten percent 10% of the District Engineer’s estimate of the cost of the Sewer Improvements (the “Warranty Security”). The Warranty Security shall be held as security for the Developer’s obligations during the warranty periods described herein.
WARRANTY SECURITY. City shall release the Warranty Security for a Park Improvement upon expiration of the warranty period for that Park Improvement and settlement of any claims filed during the warranty period. City may retain from any security released, an amount sufficient to cover costs and reasonable expenses and fees, including reasonable attorney’s fees, for any claims filed during the warranty period.
WARRANTY SECURITY. Receipt and approval by the District of one of the forms of warranty security described in paragraph 5.
