Common use of Performance Deposits Clause in Contracts

Performance Deposits. All Works required to be provided and maintained in this Agreement shall be provided and maintained by the Owner at its sole risk and expense and shall be to the satisfaction of the Municipality. In order to ensure that such Works are provided and maintained by the Owner, the Owner shall deposit with the Municipality, before this Agreement is executed by the Municipality, a sum in cash, certified cheque or by irrevocable letter(s) of credit in a form and from a financial institution/user approved by the Municipal Treasurer, which deposit however made, may be referred to hereafter as a “performance deposit” or “performance redeposit”. The performance deposit shall be based upon the total estimated cost of the Works required to be constructed or installed. The estimate of the cost of the Works and the amount of the performance deposit shall be those prescribed in Schedule “B”, attached hereto, as approved by the Director of Planning and Economic Development.

Performance Deposits. All Works required to be provided and maintained in this Agreement shall be provided and maintained by the Owner at its sole risk and expense and shall be to the satisfaction of the MunicipalityTownship. In order to ensure that such Works are provided and maintained by the Owner, the Owner shall deposit with the MunicipalityTownship, before this Agreement is executed by the MunicipalityTownship, a sum in cash, certified cheque or by irrevocable letter(s) of credit in a form and from a financial institution/user approved by the Municipal Treasurer, which deposit however made, may be referred to hereafter as a “performance deposit” or “performance redeposit”. The performance deposit shall be based upon the total estimated cost of the Works required to be constructed or installed. The estimate of the cost of the Works and the amount of the performance deposit shall be those prescribed in Schedule “B”, attached hereto, as approved by the Director of Planning and Economic DevelopmentSenior Planner.