D. Surety of Work

D. Surety of Work

Proper surety in the form of cash, bonds must be submitted to the Town to insure the completion of work. No work shall start on the property until proper surety is in place. The surety amount shall be 115% of the current estimated cost.

A utilized cost estimates shall be submitted for approval prior to the surety being accepted. The cost estimate shall include the costs of inspection and testing. Surety may be drawn down no more often than monthly. In no case shall the surety be drawn below ten percent until the completed road has successfully stood for one year.

The surety may be used by the Town to repair work which has failed or was not performed in accordance with the plans and specifications, to restore the site should the project default, to cover the cost of testing and inspections and to cover legal or other fees the Town may incur during the collection process.