§ 131-14 - Performance guaranty or bond.

§ 131-14 - Performance guaranty or bond.

  1. As a condition precedent to final approval of any subdivision, the subdivider shall file with the Board at the time of submission of the final plat a certified check payable to the Town of Conway, or a faithful performance bond running to the town and issued by a surety company acceptable to the Selectmen, or cash in an escrow account in the name of the developer and the town, in an amount of money equal to the total of the cost of construction of all streets, utilities and improvements plus a 15-percent contingency, as specified on the final plat.
  2. The Planning Board may waive the requirement to post bond for infrastructure, but not for site stabilization and erosion control and grant approval of the final plat on condition that no lot in the subdivision shall be sold and that no permit to build shall be issued by the Town of Conway until:
    1. All street and utility requirements have been installed and completed at the subdivider's expense in accordance with all applicable provisions of the final plat. 
Performance guaranty or bond.

part number

131-14