Developer Completion Guarantee Clause Samples
A Developer Completion Guarantee is a contractual provision that obligates the developer to ensure the completion of a project, often by providing a financial guarantee or securing a third-party surety. In practice, this clause may require the developer to furnish a bond, letter of credit, or other security to the project owner, which can be drawn upon if the developer fails to finish the work as agreed. The core function of this clause is to protect the project owner from the risk of non-completion, ensuring that the project will be finished or that compensation will be available if the developer defaults.
Developer Completion Guarantee. By signing this Agreement, Developer hereby guarantees to the City performance by Developer of all the terms and provisions of this Agreement pertaining to Developer’s obligations with respect to the construction of the Minimum Improvements. Without limiting the generality of the foregoing, Developer guarantees that: (a) construction of the Minimum Improvements shall be completed generally within the time limits set forth herein; (b) the Minimum Improvements shall be constructed and completed in substantial accordance with the Construction Plans; (c) the Minimum Improvements shall be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens; and (d) all costs of constructing the Minimum Improvements shall be paid when due.
Developer Completion Guarantee. By signing this Agreement, Developer hereby guarantees to the City performance by Developer of all the terms and provisions of this Agreement pertaining to Developer’s obligations with respect to the construction of the Minimum Improvements and Infrastructure Improvements. Without limiting the generality of the foregoing, Developer guarantees that:
(a) construction of the Minimum Improvements and Infrastructure Improvements shall be completed within the time limits set forth herein; (b) the Minimum Improvements and Infrastructure Improvements shall be constructed and completed in substantial accordance with the Construction Plans; (c) the Minimum Improvements and Infrastructure Improvements shall be constructed and completed free and clear of any mechanic’s liens, materialman’s liens, and equitable liens, except for liens from Developer’s construction or permanent financing lenders or liens which are being diligently and reasonably contested by Developer; and (d) all costs of constructing the Minimum Improvements and Infrastructure Improvements shall be paid when due.
Developer Completion Guarantee. By signing this Agreement, Developer hereby guarantees to City performance by Developer of all the terms and provisions of this Agreement pertaining to Developer’s obligations with respect to the construction of the Minimum Improvements. Without limiting the generality of the foregoing, Developer guarantees that: (a) construction of the Minimum Improvements shall commence and be completed within the time limits set forth herein; (b) the Minimum Improvements shall be constructed and completed in substantial accordance with the Construction Plans;