1111.15 PERFORMANCE BOND; SURETY BOND.

"Performance bond" or "surety bond" means an agreement by and between a developer and a bonding company in favor of the City of Warren for the amount of estimated construction cost guaranteeing the completion of physical improvements according to plans and specifications within the time prescribed by the developer's agreement.

(Ord. 5921/62. Passed 5-14-62.)

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