Subdivider Contracts for Construction Sample Clauses

Subdivider Contracts for Construction. If Subdivider is contracting for the construction of the Public Improvements, Subdivider, in order to secure the construction and installation of the Public Improvements, shall, prior to the pre-construction meeting and the commencement of any construction activity, deliver to the County, at Subdivider's or Subdivider’s assignee’s expense, a form of security acceptable to the County, either by bonding according to the County requirements, or issuing a letter of credit that complies with the County requirements, or causing a third party to issue such surety (the “Performance Guarantees”). The Performance Guarantees shall be in the form of either a surety bond or an irrevocable letter of credit in which the County is designated as beneficiary, in an amount equal to one hundred and fifteen percent (115%) of the estimated costs of the Public Improvements to be constructed, installed, and dedicated and/or conveyed to the County, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. Subdivider shall not start the construction of any public or private improvement on the Property, including, but not limited to, staking, earth work, over-lot grading or the erection of any structure, temporary or otherwise, until the County has received and approved the Performance Guarantees. The Performance Guarantees shall remain in place from initial construction, up through and including initial warranty and shall then be reduced to fifteen percent (15%) through the date of final acceptance. The Performance Guarantees may be issued/substituted by another party upon written agreement between the County and Subdivider. All the same terms, conditions, and requirements shall be required of any Performance Guarantees that are substituted. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by Subdivider and the County’s Director of Public Works or its designee, as set forth in Exhibit C. The purpose of the cost estimate is solely to determine the amount of the Performance Guarantee.
Sample 1
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Subdivider Contracts for Construction 
Sample 1

Related to Subdivider Contracts for Construction

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