Prior to the signing of a final plat and/or the commencing of any clearing, grading, or installation of improvements, the developer shall have filed with the Township a performance guaranty sufficient in amount to equal the total cost to the Township, as estimated by the Township Engineer, of constructing those on-site, off-site and off-tract improvements necessary to protect adjacent property and the public interest (if any) in the event that development of the site was not completed. Such improvements shall include but are not limited to drainage facilities necessary to protect off-tract areas from flooding, erosion control facilities, required screening and fencing, all improvements within public rights-of-way and easements and the cost of seeding or otherwise stabilizing the site. Such guaranty shall assure the installation of such improvements on or before an agreed date, guarantee the completion of all improvements without damage to or interference with adjacent properties or public facilities, and hold the Township Committee and Township Land Use Board and their employees and agents harmless with respect to any acts of the developer, its agents, successors or assigns. The total estimated cost to the Township of constructing all improvements shall be based upon the estimated contract construction costs which would prevail upon expiration of the guaranty period and shall also include appropriate allowances for contract-related costs, such as engineering, legal, financial and other usual costs, which shall be estimated to be 20% of the estimated contract construction costs. Such performance guaranty may be in the form of cash, certified check, negotiable securities, a performance bond issued by a bonding company or surety company approved by the Township Committee or any other type of surety acceptable to and approved by the Township Attorney and Township Committee, provided that at least 10% of the performance guaranty shall be in the form of cash, certified check or savings passbook or certificate of deposit drawn on an insured banking institution in the State of New Jersey; provided, however, that all rights, including the right to interest with dividends, be assigned to the Township of Eagleswood in the form of assignment acceptable to the Township Attorney for the period of the bond and that the principal amount of the passbook or certificate of deposit, together with interest, be returned to the developer upon completion of the bonded improvements or, in the event of default, both interest and principal shall be used by and for the benefit of the Township in the completion of said improvements.