Common use of Release or Reduction Clause in Contracts

Release or Reduction. HEARTLAND and VILLAGE agree that upon completion and inspection of all public improvements, and in a condition acceptable by the VILLAGE (as reviewed by the Village Engineer and approved by the Board), HEARTLAND shall be entitled to a release and/or reduction of any Letter of Credit or Subdivision Control Performance Bond, subject to a Maintenance Bond remaining in place for 12 months from the date of acceptance by the VILLAGE, in conformance with the VILLAGE Subdivision Control Ordinance. Reductions of Letters of Credit or Subdivision Performance Bonds may be authorized by the VILLAGE when public improvement components are substantially completed. Said subdivision security shall not be used for payment of contractors and the VILLAGE makes no representation or guarantee of the timelines of any Letter of Credit or Subdivision Performance Bond reductions.

Release or Reduction. HEARTLAND and VILLAGE agree that upon completion and inspection of all public improvements, and in a condition acceptable by the VILLAGE (as reviewed by the Village VILLAGE Engineer and approved by the Board), HEARTLAND shall be entitled to a release and/or reduction of any Letter of Credit or Subdivision Control Performance Bond, subject to a Maintenance Bond remaining in place for 12 18 months from the date of acceptance by the VILLAGE, in conformance with the VILLAGE Subdivision Control Ordinance. Reductions of Letters of Credit or Subdivision Performance Bonds may be authorized by the VILLAGE when public improvement components are substantially completed. Said subdivision security shall not be used for payment of contractors and the VILLAGE makes no representation or guarantee of the timelines of any Letter of Credit or Subdivision Performance Bond reductions. The release and reduction of the surety shall be per the VILLAGE’s Subdivision Ordinance.