Common use of Performance Commitments Clause in Contracts

Performance Commitments. For all infrastructure and improvements required to be provided by Developer under this Agreement, Developer shall provide to the City a financial guarantee of performance, such as a performance bond or letter of credit, subject to review and approval as to form by the City, sufficient to secure and ensure completion of such improvements. This financial guarantee will be in accordance with the requirements of City Code Section 3-2-5(C).

Performance Commitments. For all infrastructure and improvements required to be provided by Developer under this Agreement, Developer shall provide to the City a financial guarantee of performance, such as a performance bond or letter of credit, subject to review and approval as to form by the CityCity Attorney and City Council, sufficient to secure and ensure completion of such improvements. This financial guarantee will be in accordance with the requirements of City Code Section 3-2-5(C).