(A) The Town Engineer, upon receipt of a certification from the engineer of record, may recommend to the Council a reduction of the assurance for the work completed in accordance with the approved cost estimate and construction plans.
(B) Ten percent of the estimated cost of completed improvements will be retained to insure completion of the site improvements, final inspections and preparation of final "as-built" plans. This retainage will be released upon acceptance of the improvements by Town Council and expiration of the warranty period as stipulated below.
(Ord. 2007-2, passed 5-29-2007; Am. Ord. 2014-02, passed 12-15-2014)