Common use of Completion Guarantee Clause in Contracts

Completion Guarantee. Letter(s) of credit or surety bond(s) (collectively and alternatively, the “Security”) shall be posted in favor of, and provided to the County in the amount of 125% of the County-approved Cost Estimate of the Wyndfields S.R. 56 Western Segment, the Wyndfields S.R. 56 Eastern Segment, and Wyndfields Boulevard Northern Segment Roadway Improvements specified in Paragraphs 5 and 6 at the times specified therein. Security for ▇▇▇▇▇▇▇ Road and Wyndfields Boulevard Southern Segment, if necessary, shall be posted prior to the deadlines set forth in this Agreement. Failure to post, revise, update, and keep effective the required Security shall be considered a default of this Agreement, entitling the County to stop the issuance of building permits. The Security must be drawable upon demand upon an acceptable issuer/surety having a local office in Tampa Bay, Florida, or by facsimile if no local office is available, which is authorized to do business in the State of Florida, and the Security must be in a form acceptable to the County Attorney’s Office. Developer shall be entitled, on each renewal date of the Security, to reduce the Security, provided an updated Cost Estimate for the remainder of the applicable construction obligations is provided to and approved by the County, and provided that the Security is not reduced below 125% of the County-approved Cost Estimate for such remaining work.