Common use of Maintenance Bonds Clause in Contracts

Maintenance Bonds. ‌ Upon completion of proposed improvements, contractors/developers shall provide a maintenance bond in favor of the North Park Public Water District in an amount equal to ten (10) percent of the final contract price. This bond shall guarantee performance by the contractor/developer under Guarantee Warranty requirements detailed in the District’s Standard Specifications on file with the IEPA. This bond shall be furnished upon the District’s final acceptance and prior to submission of the IEPA Operating Permit Application, and shall remain in effect for a period of one (1) year thereafter. Alternative bonding methods (i.e. other agency bonds covering water facilities, etc.) may be accepted at the discretion of the District. Every bond provided for in this Section shall have as security thereon one Surety Company qualified to do business in the State of Illinois and acceptable to the District.

Maintenance Bonds. ‌ Upon completion of proposed improvements, contractors/developers shall provide a maintenance bond in favor of the North Park Public Water District in an amount equal to ten (10) percent of the final contract price. This bond shall guarantee performance by the contractor/developer under Guarantee Warranty requirements detailed in the District’s Standard Specifications on file with the IEPA. This bond shall be furnished upon the District’s final acceptance and prior to submission of the IEPA Operating Permit Application, and shall remain in effect for a period of one (1) year thereafter. Alternative bonding methods (i.e. other agency bonds covering water facilities, etc.) may be accepted at the discretion of the District. Every bond provided for in this Section shall have as security thereon one Surety Company qualified to do business in the State of Illinois and acceptable to the District.