§ 15-31. Performance security.

(a) "Performance security" defined.

In this section, "performance security" means any one or a combination of:

(1) a performance bond;

(2) an irrevocable letter of credit; or

(3) a cash deposit.

(b) Required.

No street-cut permit may be issued to any person unless that person submits performance security as required by this section.

(c) Form and tenor.

(1) The performance security must be approved:

(i) as to form and legal sufficiency by the City Solicitor; and

(ii) as to amount by the Director.

(2) The performance security must serve to save the City harmless from:

(i) any cost, liability, expense, claim, or suit for damages in any manner arising out of or resulting from the work done under the permit; and

(ii) any loss or cost by reason of the restoring or failure to restore the public way to required conditions and standards.

(d) Multi-permit security.

(1) The performance security may be made to cover all street-cut permits issued from time to time to any one person.

(2) In that case, the Director may require from time to time that the amount of the security be increased to an amount sufficient in the Director's judgment to protect the City, based on the volume of work undertaken by the person or the number of permits issued to the person.

(e) Release of security.

The Department shall release the performance security, in whole or in part, after completion of the warranty period and the correction of any defects or violations identified during that period.