Article VII. Performance Bond

The Town of Easton shall require from the developer a surety or cash bond, irrevocable letter of credit, or other means of security acceptable to the Town of Easton prior to the issuance of any building and/or grading permit for the construction of a development requiring stormwater management. The amount of the security shall not be less than the total estimated construction cost of all stormwater management facilities and other facilities to be dedicated to the Town of Easton. The bond required in this section shall include provisions relative to forfeiture for failure to complete work specified in the approved stormwater management plan, compliance with all of the provisions of this Ordinance, and other applicable laws and regulations, and any time limitations. The bond shall not be fully released without a final inspection of the completed work by the Town of Easton, submission of "as-built" plans, and certification of completion by the Town of Easton that all stormwater management facilities comply with the approved plan and the provisions of this Ordinance. A procedure may be used to release parts of the bond held by the Town of Easton after various stages of construction have been completed and accepted by the Town of Easton. The procedures used for partially releasing performance bonds must be specified by the Town of Easton in writing prior to stormwater management plan approval.