Before the issuance of a grading permit for a project that exceeds 2,000 square feet in area of disturbance, the applicant shall deposit with the Township financial security in an amount sufficient to cover the cost of all erosion and sedimentation control measures and other conditions specified in the permit, within the time specified by this chapter, or within any extension thereof granted by the Township Engineer. The amount of such financial security shall be equal to 110% of the cost of the work for which the security has been provided. The form of financial security, the method of cost calculation and the release of the posted security shall be in conformity with those provisions set forth in the Township Subdivision and Land Development Chapter 212 with respect to public improvement guaranties.