GUARANTEE BOND
GUARANTEE shall be held for a minimum of one year after the final work inspection as a warranty guarantee. After one year, if the work in the Right-of-Way (R.O.W.) passes the final R.O.W. inspection the GUARANTEE shall be released. The payer is responsible to notify the City of any change of address from what is here listed. If the work does not pass the final R.O.W. inspection, the City will notify the payer of non-compliance, and the payer shall be responsible for resolving the non-compliance prior to the City releasing the GUARANTEE. If the payer does not remedy the non-compliance, it is agreed that the City shall have the right to use the GUARANTEE to remedy the non-compliance, and should these funds be insufficient, the payer shall pay the deficiency.
BOND IS $2,000
*If PCMC determines amount of work in ROW to exceed $2,000, a separate fee schedule shall be used.*