Default Status. If the applicant fails to carry out provisions of the agreement and the City has unreimbursed costs or expenses resulting from such failure, the City shall call on the bond or cash deposit for reimbursement. If the amount of the bond or cash deposit exceeds cost and expense incurred by the City, it shall release the remainder. If the amount of the bond or cash deposit is less than the cost and expense incurred by the City, the applicant shall be liable to the City for the difference.
Appears in 2 contracts
Sources: Public Improvement Design & Construction Standards, Public Improvement Design & Construction Standards