Cupertino Municipal Code Art. IX Release of Improvement Securities

A. The performance security shall be released only upon acceptance of the improvements by the City and when an approved warranty security has been filed with the City Engineer.

B. If warranty security is not filed, performance security shall be released twelve months after acceptance of improvements and correction of all warranty deficiencies.

(Ord. 2085, § 2 (part), 2011; Ord. 1384, Exhibit A (part), 1986)

Security given to secure payment to the contractor, subcontractors and to persons furnishing labor, material or equipment may, six months after the completion and acceptance of the improvements by the City Council, be reduced to an amount equal to the amount of all claims therefor filed and of which notice has been given to the City Council. The balance of the security shall be released upon the settlement of all such claims and obligations for which the security was given.

(Ord. 2085, § 2 (part), 2011; Ord. 1384, Exhibit A (part), 1986)

The warranty security shall be released upon satisfactory completion of the warranty period provided:

A. All deficiencies appearing on the warranty deficiency list for the subdivision have been corrected;

B. Not less than twelve months have elapsed since the acceptance of the improvements by the City Council.

(Ord. 2085, § 2 (part), 2011; Ord. 1384, Exhibit A (part), 1986)