Common use of Surety Release Clause in Contracts

Surety Release. Periodically, as payments are made by the Developer for the completion of portions of the work performed under the terms of this Agreement and when it is reasonably prudent, the Developer may request of the City that the surety be proportionately reduced for that portion of the grading and other requirements under this Agreement which have been fully completed and payment made, therefore. The Developer may request of the City a reduction or release of any surety as follows: 1. When all or a portion of the grading and other improvements required under the Agreement have been installed, the cash escrow or surety may be reduced by the dollar amount attributable to that portion of grading improvements so installed at such time as the City Engineer has certified to the City that the construction/installation of the grading improvements have been completed and performed according to the Preliminary Plans. 2. As to all requests brought under this subparagraph F, the City shall have sole discretion whether to reduce or not to reduce said cash escrow or surety.