The Town Council may, upon recommendation of the Town Engineer and application of the person giving the guarantee, authorize from time to time a partial release of the performance guarantee in accordance with the following schedule:
Percent of Work Completed | Maximum Percentage of Guarantee of Performance Eligible for Release of Total Bond |
50% | 40% of total bond |
75% | 60% of total bond |
100% and a satisfactory final inspection | 80% of total bond |
(Ord. 14-11-02, passed 11-14-2002)