No final plat shall be approved by the Planning Board until completion of all such required improvements as set forth in the resolution granting preliminary approval shall have been so certified to the Planning Board by the Township Engineer, unless the subdivider or subdivision owner shall have filed with the Township a performance guaranty sufficient in amount to cover the cost of all such improvements or the uncompleted portions thereof as established by the Township Engineer, guaranteeing the installation of such uncompleted improvements on or before a date to be specified by the Planning Board.
A. 
Form. The performance guaranty shall be in the form of one of the following:
(1) 
Corporate surety bond furnished by a bonding or surety company authorized to do business in the State of New Jersey.
(2) 
Certified or cashier's check made payable to the Township.
(3) 
Certificate of deposit in a recognized banking institution which can be withdrawn only after action by the Township Committee, determining that the requirements of final approval have been fulfilled and which may be claimed by the Township in the event such requirements are not met.
(4) 
Letter of credit from a recognized banking institution.
(5) 
Any other form approved by the Township Solicitor.
(6) 
Up to 10% may be required by the Planning Board in the form of cash.
B. 
Procedure. All performance guaranties shall be submitted to the Secretary of the Planning Board, who shall forward a copy to the Township Engineer and Township Solicitor. The Township Engineer shall determine that the performance guaranty is in sufficient amount to assure the completion of all required improvements, and the Township Solicitor shall notify the Planning Board as to the acceptability of the performance guaranty in terms of form and execution. Upon the granting of final plat approval and after receipt of an approved final plat, the Secretary shall forward any performance guaranty posted with and accepted by the Planning Board to the Township Clerk for filing. The Planning Board Secretary shall maintain a record of all surety bonds received by the Township in connection with subdivisions and shall, within 90 days of the expiration of any surety bond, notify the Township Committee of said pending bond expiration. Copies of said notice shall be sent to the Township Clerk, Township Solicitor, and Township Engineer.
C. 
Such performance guaranties shall run for a period to be fixed by the Planning Board but in no case for a term of more than three years. However, with the consent of the obligor and the surety, the Township Committee may, by resolution, extend the term of such performance guaranty for an additional period not to exceed three years. The amount of the performance guaranty may be reduced by the Township Committee by resolution when portions of the required improvements have been installed. If the required improvements have not been installed in accordance with the performance guaranty, the obligor and surety shall be liable thereon to the municipality for the reasonable cost of improvements not installed.
D. 
Release of any performance guaranty posted in connection with a development shall be in accordance with the provisions of N.J.S.A. 40:55D-53.
All developers shall execute a maintenance guaranty and post said guaranty with the Township in a surety for the maintenance and repair of all improvements required to be installed by the developer except when the cost of said improvements is less than $10,000. The maintenance guaranty shall be for a period of two years from the date of final acceptance of the improvements by resolution of the Township Committee, and its amount shall be equal to 10% of the Township Engineer's estimate of the cost of construction of the required improvements. The maintenance guaranty shall apply to such repairs as may be necessitated by substandard original construction or by damage by the developer in the course of development of the subdivision.
A. 
The maintenance guaranty shall be in a form as provided in § 115-101A.
B. 
All maintenance guaranties shall be submitted to the Township Clerk, who shall forward a copy to the Township Engineer and Township Solicitor. The Township Engineer shall determine that the maintenance guaranty is in sufficient amount to assure the completion of all required improvements, and the Township Solicitor shall notify the Township Committee as to the acceptability of the maintenance guaranties in terms of their form and execution.
C. 
Upon acceptance of the maintenance guaranty, the Township Clerk shall notify the Secretary of the Planning Board, who shall maintain a record of all surety bonds received by the Township in connection with developments in accordance with the provisions of § 115-101B.
D. 
The release of a maintenance guaranty shall be by resolution of the Township Committee, after recommendation of release by the Township Engineer.
All of the required improvements of a development shall be inspected during the time of their installation by the Township Engineer to ensure satisfactory construction.
A. 
Notice. The Township Engineer shall be notified at least seven days prior to the start of construction and at least two days before each stage of construction. No underground installation of any type shall be covered until inspected and approved by the Township Engineer. In no case shall any paving work be done without permission from the Township Engineer's office so that he or a qualified representative may be present at the time work is to be done. The Township Engineer's office shall be notified after each phase of work has been completed (i.e., road subgrade, curb forms, curbing, etc.) so that he or a qualified representative may inspect the work.
B. 
A final inspection of all improvements and utilities will be started within 10 days' notification by the developer to determine whether the work is in agreement with the approved final plat plans and Township specifications. Upon a final inspection report, action will be taken to release or declare in default any performance guaranty concerning such improvements. Inspection by the Township of the installation of improvements shall not operate to subject the Township to liability, suits, and claims of any kind that may at any time arise because of defects or negligence during construction.