Prior to starting construction upon public roadways
or Borough property or the property of one other than the owner of
the property commencing new construction, all necessary funds required
to complete construction must be guaranteed in a form acceptable to
the Borough. Acceptable methods of assurance include, but are not
limited to, surety bond (100%), irrevocable letter of credit (100%),
cash escrow (25%), etc.
Prior to starting construction of a development
or subdivision, the developer shall provide a bond or guarantee in
a form acceptable to the Borough, guaranteeing the new facilities
to be free from defects for a period of two years after the facilities
are accepted by the Borough.
Prior to starting construction, the Borough
shall be furnished by the developer and/or contractor the following:
A. An indemnification agreement in a form approved by
the Borough or it's employees or agents harmless from any and all
claims arising from said construction;
B. Evidence of general liability insurance in an amount
of not less than $500,000 per claim;
C. Evidence of workman's compensation insurance coverage
as required by law.