Prior to the issuance of a building permit, the developer shall have filed with the municipality a performance guaranty sufficient in amount to cover the cost of all such soil erosion and sediment control measures or uncompleted portions thereof as required by the soil erosion and sediment control plan and as estimated by the Municipal Engineer, to assure the installation of such uncompleted soil erosion and sediment control measures on or before an agreed date. Such performance guaranty may be in the form of a performance bond, which shall be issued by a bonding or surety company approved by the Planning Board, a certified check, returnable to the developer after full compliance or any other type of surety approved by the Municipal Attorney. The performance guaranty shall be approved by the Municipal Attorney as to form, sufficiency and execution. Such performance guaranty shall run for a period to be fixed by the Planning Board but, in no case, for a term of more than two years.
When all of the necessary and appropriate soil erosion and sediment control measures have been completed, the developer shall notify the Planning Board in writing, by certified or registered mail, of the completion of the aforesaid soil erosion and sediment control measures and shall send a copy thereof to the Construction Code Official or Municipal Engineer. The Planning Board shall direct and authorize the Construction Code Official or Municipal Engineer to inspect all of the aforesaid soil erosion and sediment control measures. The Construction Code Official or Municipal Engineer shall, thereupon, file a report, in writing, with the Planning Board. Said report shall be detailed and shall indicate either approval, partial approval or rejection. If said soil erosion and sediment control measures, or any portion thereof, shall not be approved or shall be rejected by the Construction Code Official or Municipal Engineer, said report shall contain a statement of reasons for such nonapproval or rejection. Where said report indicates partial approval of said soil erosion and sediment control measures, it shall indicate the cost of the soil erosion and sediment control measures for which approval is rejected or withheld. Where partial approval is granted, the developer may be released from all liability pursuant to its performance guaranty bond, except for that portion adequately sufficient to secure the soil erosion and sediment control measures not yet approved. No approval for occupancy of any building will be granted unless all needed soil erosion control measures have been completed or substantially provided for in accordance with this chapter. The developer shall bear the final responsibility for the installation and construction of all required soil erosion and sediment control measures according to the provisions of this chapter.
The Township may also require a maintenance guaranty for a period not to exceed two years after final approval of the soil erosion and sediment control measures, in an amount not to exceed 10% of the cost of the improvement or of the permanent installation.