Unique agreement requires contractor to post $3M bond to ensure park completion

09/28/2011 | Montgomery News (Fort Washington, Pa.)

A contractor working on a turnpike-expansion project in Pennsylvania will use fill material from that project to build a park. The arrangement, approved by the Whitpain Township Board of Supervisors, requires the contractor to take out a $3 million performance bond as well as a $450,000 maintenance bond for the project. It also requires a letter of credit for any potential litigation fees as well as an escrow arrangement.

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Montgomery News (Fort Washington, Pa.)

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