Article VII Definitions

Performance Assurance. A form of financial security posted to ensure timely and proper completion of improvements, to ensure compliance with the Redmond Zoning Code, and/or to ensure compliance with land use permit approval conditions. Performance assurances include irrevocable letter of credit, cash deposit, and surety bonds, and or other forms of financial security acceptable to the Administrator. For the purposes of this title, the term performance guarantee is synonymous with performance assurance.

Effective on: 4/16/2011