Completion Bond. If the Developer completes the Work and desires service prior to the District's acceptance of the Extension, the District, at its sole option and as a condition of service, may require the Developer to provide a cash Completion Bond in a form and amount acceptable to the District, which shall be deposited with the District to ensure that the Developer shall complete the Extension so that it may be accepted by the District. Should the Developer fail within a reasonable time to complete the Extension so that it may be accepted, the District, in its sole discretion, shall cause the Extension to be completed, the costs of which shall be paid out of the Completion Bond. If the costs to complete the Extension exceed the amount of the Completion Bond, the Developer shall, within ten (10) days of a written invoice from the District, reimburse the District the amounts invoiced. If the costs to complete the Extension are less than the amount of the Completion Bond, the remainder shall be paid over to the Developer after the District has received all necessary releases and certificates.
Appears in 3 contracts
Sources: Water System Extension Agreement, Water System Extension Agreement, Water System Extension Agreement