The amount of financial security required shall be based upon an
estimate of the cost of completion of the required improvements, submitted
by an applicant or developer and prepared by a professional engineer
licensed as such in the Commonwealth of Pennsylvania, and certified
by such engineer to be a fair and reasonable estimate of such cost.
The Township, upon the recommendation of the Township Engineer, may
refuse to accept such estimate for good cause shown. If the applicant
or developer and the Township are unable to agree upon an estimate,
then the estimate shall be recalculated and recertified by a third
professional engineer licensed as such in the Commonwealth of Pennsylvania,
and chosen mutually by the Township and the applicant or developer.
The estimate certified by the third engineer shall be presumed fair
and reasonable and shall be the final estimate. In the event that
a third engineer is so chosen, fees for the services of said engineer
shall be paid equally by the Township and the applicant or developer.