No final application for development shall be approved by the Board until the satisfactory completion and performances of all such required improvements have been certified to the Board by the Township Engineer, unless the owner shall have filed with the Township a performance guarantee assuring the installation of such improvements on or before an agreed date, and as hereinafter provided.

Except as hereafter provided, the remaining required improvements shall be at least 50% completed as to each category set forth in the performance guarantee within one year from the date of final approval, or by such time as 50% of the lots in the section in question have been conveyed, in any manner, by the applicant, whichever shall first occur. At least 75% of the remaining required improvements in each category shall be completed as set forth in the performance guarantee within 18 months from the date of final approval, or at such time as 75% of the lots in the section in question have been conveyed in any manner by the applicant, whichever shall first occur. Such improvements shall be 100% completed and accepted by the Township within two years from the date of final approval, or at such time as all of the lots in the section in question have been conveyed in any manner by the applicant, whichever shall first occur. It is the intention of the Township Council that this requirement will provide to those living in each new section of the subdivision of a lot that is as complete as possible with respect to tract and individual lot improvements.

A performance guarantee estimate shall be prepared by the Township Engineer setting forth all requirements for improvements as fixed by the Board and their estimated cost. The Township Council shall pass a resolution either approving or adjusting this performance guarantee.

"As built" plans for any development shall be provided to the Township as directed by the Township Engineer.

The subdivider or developer shall present two copies of the performance guarantee, in an amount equal to 120% of the approved performance guarantee estimate, for approval as to form and execution by the Township Attorney.

The Attorney for the Board shall notify the Secretary of the Board prior to the meeting that the performance guarantee has been properly executed and can be added to the agenda.

The performance guarantee shall be 120% of the performance guarantee estimate, and as surety, a performance bond, in which the owner shall be principal, shall be provided by an acceptable surety company licensed to do business in the State of New Jersey, or in lieu of the bond, cash or a certified check shall be deposited with the Township by payment to the Township Treasurer. The Township Treasurer shall issue a receipt for such cash deposits and shall cause such cash to be deposited in a bank named by the Township, in the name of the Township, to be retained as security for completion of all requirements and to be returned to the owner on completion of all required work and expiration of the period of maintenance guarantee, or in the event of default on the part of the owner, to be used by the Township to pay the cost and expense of obtaining completion of all requirements. Every bond, whether cash or surety, shall contain a clause to the effect that a determination by the Township Engineer that the principal has defaulted in the performance of his obligation shall be binding and conclusive upon the surety and the principal. A performance guarantee shall be valid for a period of two years upon acceptance by the Township. If improvements or significant percentage of improvements have not been completed at this time, the performance guarantee will be renegotiated with the applicant and revised accordingly with one-year extension periods.

10% of the amount of the approved performance guarantee estimate shall be deposited by the owner in cash with the Township. The remaining 90% may be in cash or surety bond. In the event of default, the 10% fund herein mentioned shall be first applied to the completion of the requirements and the cash or surety bond shall thereafter be resorted to, if necessary, for the completion of the requirements. The cash or surety bond may recite the foregoing provisions.

In addition to the performance guarantee, the subdivider or developer shall file with the Board a general liability insurance policy at the same time as he files his performance guarantee covering all operations in the development including contractual liability with limits of not less than $100,000 for bodily injury to each person, and $300,000 liability on the aggregate, for each accident, and $50,000 aggregate property damage liability. The Attorney for the Board shall approve the policy for form and execution. The policy shall be of the same term as the performance guarantee and shall be extended in conformance with any extension of the performance guarantee. The policy shall name the Township and all of its officials as an assured and provide that the Township may nevertheless assert claims against the other assured.

All improvements and utility installations shall be inspected during the time of their installations under the supervision of the Township Engineer to insure satisfactory completion. The cost of such inspection shall be the responsibility of the owner and he shall deposit with the Township Treasurer, for placement in a special trust fund account, a sum equal to 5% of the amount of the performance guarantee estimate of the cost of public improvements to be applied to payment of inspection costs. If inspection costs exceed such fund, the owner shall deposit with the Township Treasurer additional sums upon notice from the Township Engineer. The inspection fee shall in no case be less than $100. The Township Treasurer shall return to the owner any balance of the inspection deposit, together with the paid invoices for all expenses charged, upon expiration of the maintenance bond.

In no case shall any paving work, including prime and seal coats, be done without permission from the Township Engineer's office. At least two days' notice shall be given to the Township Engineer's office prior to any such construction so that he or a qualified representative may be present at the time the work is to be done.

The Township Engineer's office shall be notified after each of the following phases of the work has been completed so that he or a qualified representative may inspect the work:

A final inspection of all improvements and utilities will be started within 10 days notification by the developer to determine whether the work is satisfactory and in agreement with the approved final drawings and the Township specifications. The general condition of the site shall also be considered. Upon a satisfactory final inspection report, action shall be taken to release or declare in default the performance guarantee covering such improvements and utilities.

Inspection by the Township of the installation of improvements and utilities shall not operate to subject the Township to liability for claims, suits or liability of any kind that may at any time arise because of defects or negligence during construction or at any time thereafter; the owner and his contractors shall be responsible for maintaining safe conditions at all times during construction and for providing proper utilities and improvements.

After completing the construction of the public improvements covered by the performance guarantee, the developer shall prepare a set of the approved Public Improvement and Utility Plans and the Profiles amended to read "as constructed" and apply to the Township Engineer for final inspection of the work. The Township Engineer shall report to the Township Council on the condition of the work and recommend that the performance guarantee be released, extended or declared in default.

The Township Engineer has certified in writing that the improvements are complete and that they comply with the requirements of this chapter;

The final application for development has been approved by the Planning Board; and

The owner has filed with the Township Council a maintenance guarantee in an amount equal to not more than 15% of the original estimate of the cost of installing the improvements. The maintenance guarantee shall run for a period of two years. The procedures and requirements governing such maintenance guarantee shall be identical with the procedures and requirements for a performance guarantee set forth in this chapter.