Common use of For Performance and Guarantee Clause in Contracts

For Performance and Guarantee. Security in an amount equal to one hundred percent (100%) of the Estimated Total cost of the Improvements, Grading and Monumentation as set forth above in the Development Reference Data. With this security, the form of which shall be subject to City's prior approval, the Developer assures faithful performance under this agreement and guarantees the Improvements for one year after the completion and acceptance of the last of such Improvements against any defective workmanship or materials or any unsatisfactory performance pursuant to Section 3 hereof.