The developer shall furnish a good and sufficient maintenance
bond in the amount of ten percent (10%) of the total cost or contract
price for the public improvements associated with each job or $50,000.00
whichever is greater but not to exceed the total cost for the project,
with reputable and solvent corporate surety licensed to write insurance
in the state, in favor of the town, to indemnify the town against
any repairs which may become necessary to any part of the construction
work performed in connection with the subdivision, arising from defective
workmanship or materials used therein, for a full period of two (2)
years from date of final acceptance of the entire project. Final acceptance
shall be withheld until said maintenance bond is furnished to the
town.
(Ordinance 2023-09 adopted 7/10/2023)
