The Township Engineer may, if the applicant shall so elect, notify the applicant that he and the Township Attorney have completed all steps required pursuant to § 348-7.2. Upon such notification, the applicant may begin construction pending acceptance of performance guaranties by the Township Committee pursuant to N.J.S.A. 40:55D-53. The applicant shall notify the Township Engineer of his election to begin construction pursuant to this section and shall further certify, in writing, that he will comply with all conditions imposed by the Township Committee for acceptance of the performance guaranties pursuant to N.J.S.A. 40:55D-53. Notification of approval by the Township Engineer shall be without prejudice to the right of the Township Committee to refuse to accept such performance guaranties in accordance with law.