Maintenance guarantee definition

Maintenance guarantee means any security which may be

Maintenance guarantee means an undertaking by the Developer to the Town that all Works constructed under this Agreement will function as designed and will not fail in any manner whatsoever so as to cause a risk to public safety or private lands, Building or structures within the Plan of Subdivision or immediately adjacent boundary lands, and that should the Works, or any of them, fail or not perform their intended function within the specified maintenance guarantee period, they will be replaced or repaired to the satisfaction of the Director of Public Works by the Developer at its cost.

Maintenance guarantee means a guarantee that the Public Improvements constructed shall be free from defects and failures as more fully described in Paragraphs 5.2 and 5.4 below.

Examples of Maintenance guarantee in a sentence

• The Warranty Period and the Maintenance Guarantee shall survive the Term of the Agreement if necessary in order to complete the required two (2) year period.

• The Maintenance Guarantee provided by the Developer shall be released after the Final Acceptance of all of the Improvements has been granted and the Certificate of Completion has been issued by the City.

• If the Subdivision Improvements are satisfactory, Developer shall be entitled to the issuance of a Notice of Construction Acceptance for the Public Improvements upon receipt of the Maintenance Guarantee and written approval of the Private Improvements.

• Nothing herein shall be construed or deemed as requiring the City to finally accept and release from the Maintenance Guarantee any Improvement that is defective or damaged.

• If, pursuant to a final inspection requested by the Developer or initiated by the City, any Improvement more particularly described in Section 9, Development Standards, and Exhibit C is found to not conform to this Agreement, then the City shall have the rights set forth in Section 14 of this Agreement (Maintenance Guarantee During Warranty Period) to remedy such defects.

More Definitions of Maintenance guarantee

Maintenance guarantee means any security which may be accepted by a municipality for the maintenance of any improvements required by this act, including but not limited to surety bonds, letters of credit under the circumstances specified in section 16 of P.L.1991, c.256 (C.40:55D-53.5), and cash.

Maintenance guarantee means any security which may be accepted by a municipality

Maintenance guarantee means any security which is deemed acceptable to the County Counsel and in an amount acceptable to the County Engineer to assure that certain improvements will be made or maintenance performed for a period of two (2) years after the date of release of a performance guarantee.

Maintenance guarantee means a security required or accepted to assure that necessary improvements will func- tion as required for a specific period of time.

Maintenance guarantee. Shall have the meaning indicated in Section 25.6 below.

Maintenance guarantee means any security which may

Maintenance guarantee means a surety bond, cash deposit, irrevocable letter of credit, escrow account or certificate of deposit, pledged to the City of Maquoketa in an amount so as to insure that for a period of two (2) years from acceptance date, the developer shall be responsible to maintain improvements dedicated to the public in good repair.