Laserfiche WebLink
f. Developer has provided security for the completion of the Public Improvements <br /> pursuant to this Agreement. <br /> 6. Security <br /> a. Developer shall file an Irrevocable Letter of Credit, or equivalent security, in a <br /> form prescribed and approved by the Town Attorney and in an amount approved <br /> by the Town Engineer. This security shall guarantee that the construction and <br /> installation of the required public improvements will be completed in accordance <br /> with the approved Plans and Specification, that all payments shall be made by the <br /> Developer as they come due, including any payment to or on behalf of the Town, <br /> and that any construction or materials reasonably determined by the Town <br /> Engineer to be defective will be repaired or replaced by the Developer. <br /> b. The security furnished shall be held by the Town until the Town Engineer <br /> determines that all required construction and improvements have been completed <br /> and the Town Board has approved a Certificate of Completion; provided, <br /> however, that the Developer may periodically apply to reduce the security for <br /> portions of the construction that have been completed-1).y the Developer and <br /> approved by the Town Engineer. Following such approval and submission of <br /> Lien Waivers by the Developer's contractor(s) for such work, the Town Engineer <br /> may approve a reduction of the security for the amount of the/completed work; <br /> provided, however, that at no time during construction shall the'security be <br /> reduced to less than 15 % of the original security amount. <br /> c. The amount of the original security shall be 125 percent times the projected cost <br /> of the improvements as estimated by the Developer and confirmed by the Town <br /> Engineer. <br /> d. Upon completion and approval of construction, submittal to the Town Engineer of <br /> proof of payment to contractors, lien waivers, and reimbursement of all Town <br /> expenses, the Town Board shall approve a Certificate of Completion and release <br /> the original security; provided, however, that an amount of at least 15 percent of <br /> the original security shall be retained, or deposited with the Town, as security for <br /> an 18 month guarantee period following the completion of the improvements. <br /> The security following completion shall be held to guarantee all required <br /> improvement against defects in workmanship and materials. If any defects appear <br /> during the period of guarantee, as determined by the Town Engineer, the Town <br /> shall notify the Developer who shall, at its expense, install replacements or <br /> perform acceptable repairs within 30 days of notification. In the event that the <br /> Developer fails to install required replacements or perform the repairs, the Town <br /> shall do so, deduct the cost thereof from the security and recover any deficiency <br /> from the Developer by a special charge on the Subject Realty pursuant to <br /> Wisconsin Statutes. Unless defects have appeared and have not been repaired, the <br /> Bovril CSM Agreement 02/04/99 Page 4 <br />