Performance Guarantee

A performance guarantee of $10,000 or 3% of the estimated cost of the project is required in the form of a letter of credit, or cash security deposit for all projects when such cost estimate exceeds $100,000. This performance guarantee is to secure that the development and construction is complete in accordance with approved plans as wells as approved engineering plans and site grading/drainage plans are implemented as required by Chapter 6, of the Village of Deerfield Municipal Code. A portion on the performance guarantee will be retained for up to 1 year after a final inspection and certificate of occupancy is issued.