Performance Guarantee Agreement For Erosion & Sedimentation Control Turf Establishment and Site Restoration
Between __________________________________, (hereinafter, "Developer") and the Planning & Zoning Commission (hereinafter, "Commission") and the Town of East Windsor (hereinafter, "Town").
Whereas the Developer has been approved for a certain construction project(s) within the Town of East Windsor pursuant to the Developer's application to the Commission and,
Whereas the Commission wishes to obtain a guarantee that said the construction site erosion and sedimentation controls are installed and maintained in accordance with the approved plans and that the site is adequately stabilized upon completion.
Whereas the Commission accepts delivery herewith of $ _________________ in the form of a Cash Bond (check) drawn on (bank)__________________________, (city) _____________________, (state) ______, which Cash Bond shall be deposited in an escrow account of the Town of East Windsor and remain available for immediate withdrawal as a guarantee for:
(Project Name & Location)____________________________________________________________________________
The parties agree that the Cash Bond shall remain in the name of the Town of East Windsor in escrow as a guarantee against the failure on the part of the Developer to perform the approved work in the manner outlined above. Funds shall be made available to the Town or its designated agent, on demand.
If at any time any of the items covered by the cash bond fail or suffer damage or loss, except for damage caused by the Town, the Town will immediately notify the Developer and if the Developer fails to take corrective action and repair the damage or loss within two (2) days of the date of notification, the Town shall withdraw funds from the Cash Bond Escrow Account in an amount sufficient to cover the costs of said failure, damage or loss. If no funds are withdrawn from the Cash Bond Escrow Account, the Developer shall be entitled to receive the full amount from the Town upon approval of the Commission or agent and at the recommendation of the Town Engineer. The Developer can request a release of the bond when a Certificate of Zoning Compliance is issued, provided that the site is stabilized. The value of the bond and/or responsibility
shall not be assigned or transferred to any other person or corporation.
DATED AT EAST WINDSOR, this ________ day of ____________________, 20 ______.
Developer Commission, or its Agent
Donald J. Poland, AICP
Director of Planning & Development