Performance Guarantees by Developer Sample Clauses
The "Performance Guarantees by Developer" clause requires the developer to assure that certain standards or milestones will be met during the course of a project. Typically, this involves the developer providing financial guarantees, such as bonds or letters of credit, or committing to specific performance metrics, like completion dates or quality benchmarks. This clause serves to protect the interests of the other party by ensuring that the developer is held accountable for delivering the agreed-upon results, thereby reducing the risk of non-performance or project delays.
Performance Guarantees by Developer a. General: A Letter of Credit (LOC) or other Performance Guarantee acceptable to and approved by the COUNTY (Performance Guarantee) to guarantee completion of the ▇▇▇▇▇▇ Road Pipeline Project, Phase 1 (LOC Performance Guarantee No. 1), shall be posted in favor of and provided to the COUNTY prior to approval of the first record plat for the 800th equivalent single-family detached dwelling unit (or construction plan approval where no plat is required) or prior to January 1, 20113, [c10] whichever occurs first. A second LOC Pipeline Project, Phase 2 (LOC Performance Guarantee No. 2), shall be posted in favor of and provided to the COUNTY prior to June 30, 20146, . Failure to post, revise, update, and keep effective the required LOCs entitle the COUNTY to suspend any TIF credits or reimbursements due pursuant to Section 6 above and/or stop the issuance of Building Permits and other development approvals. The DEVELOPER shall post LOC
Performance Guarantees by Developer