Prior to the endorsement of the record subdivision plan, the developer shall post the public improvement bond in an amount and surety conditions satisfactory to the Town, for the actual construction and installation of such improvements.
The bond submitted to the Town will be in accordance with the form approved and provided by the Commission, in an amount of at least 120% of the cost of the installation of the improvements acceptable to the Commission and Town Engineer with surety and conditions satisfactory to the Board of Selectmen and the Town Counsel sufficient to secure to the Town the satisfactory construction, maintenance and installation of the required improvements and maintenance of the erosion and sediment plan by the Town in the event of the failure of the applicant to do so within the time fixed by the Commission and specified in the bond. The bond shall meet the following requirements.
After acceptance of the subdivision improvements by the Town or in the case of subdivision improvements not offered to the Town, upon completion of such improvements, the applicant shall execute an agreement and file a maintenance bond. The bond shall guarantee maintenance of streets, drainage and other improvements for a period of one year in accordance with these regulations. The amount of the maintenance bond shall be 10% of the total construction cost of said improvements.
A. 
The total bond amount shall be secured by either a certified check, bank book assignment, or irrevocable letter of credit. The bond shall specify the time within which the improvements shall be finished, not to exceed five years from date of final approval of the subdivision plan. In most cases, the bond shall have an initial call date of two years with the potential for three one-year extensions.
B. 
The bond shall provide the total bond amount mentioned above and shall become immediately available to the Town on the date mentioned above, for application toward the completion of such required improvements as have not been completed on the said date.
Specifications and cost estimates for certain improvements agreed to be undertaken by the developer in lieu of normal open space requirements shall be submitted and shall be included in the total amount bonded to the Town.
Construction of the public improvements shall begin within six months after the bond amount is established by the Planning Commission, and progress on the work shall continually be maintained to completion. Otherwise, the amount of the bond may be subject to revision by the Planning Commission in order to reflect increases in construction costs.
Reductions in the amount of the original bond may be considered by the Commission when and if in its judgment a substantial portion of the public improvements called for in the final subdivision plan approved by the Commission have been completed. The Commission reserves the right to have the Town Engineer or other Town staff assist it in making the determination. The bond reduction is subject to the following:
A. 
The amount retained will be sufficient to cover public improvement installations not yet completed, based upon a current revised cost estimate plus contingency.
B. 
The maximum partial release allowed prior to acceptance of the improvements will be 80% of the estimated total construction cost.
C. 
The request for release of the performance bond and acceptance of the improvements, upon completion of the required work, must include as-built drawings in conformance with § 415-8.4A(4) of these regulations.