Title 17D City-wide Standards
Chapter 17D.020 Financial Guarantees
Section 17D.020.030 Amount of Guarantee
The director of engineering services shall determine the amount of the financial guarantee as follows:
- For a performance guarantee, the amount will be one hundred ten percent of the costs of the work or improvements covered by the performance guarantee, based on estimated costs immediately following the expiration of the performance guarantee.
- For a performance/warranty retainer, the amount will be seven thousand, five hundred dollars or ten percent of the performance guarantee, whichever is greater.
Date Passed: Monday, February 21, 2005
Effective Date: Wednesday, March 30, 2005
ORD C33582 Section 2
