(A) All improvements within a development shall be guaranteed by the developer to be in satisfactory condition and in compliance with this Chapter for a period of two (2) years from the date of acceptance by the Village.
(B) Prior to dedication and acceptance, the Subdivider/Developer shall post a Maintenance Bond with the Village Clerk in a form approved by the Village Attorney.
(1) Said bond shall be in an amount determined by the Village Engineer to be sufficient to guarantee the satisfactory condition of the required improvements for a period of at least three (3) years, generally twenty-five percent (25%) of the estimated construction costs.
(C) If at any time during the guarantee period any improvements are found to be defective, they shall be repaired or replaced at the Subdivider/Developer's expense.
(1) If the Subdivider/Developer fails or refuses to pay such costs within thirty (30) days after demand is made upon him by the Code Administrator, the Village shall use the Maintenance Bond to make the necessary repairs/ replacement.
(2) If the cost of repairs/replacement exceeds the bond amount, the Subdivider/Developer shall be liable for the excess.
(D) At the end of the two (2) year guarantee period, the Subdivider/ Developer shall request a final inspection of all subdivision improvements, by sending written notice to the Village at least thirty (30) days prior to the end of said period.
(1) The Village Engineer shall verify to the best of his ability that each improvement complies with the provisions of this Chapter.
(2) The Subdivider/Developer shall be notified in writing of any improvements that are found to be defective and shall repair or replaced said deficiencies at his expense.
(3) When all improvements pass the final inspection, the Village shall issue a letter releasing the Subdivider/Developer from any further responsibility for said improvements.
(4) Should the Subdivider/Developer fail to request a final inspection in writing at least thirty (30) days prior to the end of the guarantee period, said guarantee period shall be extended until thirty (30) days after such time as a request is received and the improvements are inspected and determined to be acceptable to the Village.