A. A performance guaranty in the amount equal to 120% of the construction cost estimate shall be provided as security for the faithful performance of all work. The performance guaranty shall be a certified check, bank draft, irrevocable letter of credit or performance bond. Surety company bond forms meeting the requirement of the State of New jersey are acceptable. The performance guaranty will be returned to the applicant upon successful completion of all work and acceptance by the township. If all work is not completed in conformance with the permit requirements, the township may, at its option, use the performance guaranty to complete all work affecting the township facility.

B. Public utilities. Public utility corporations of the State of New Jersey may, in lieu of the above performance guaranty, file a corporate bond on a yearly basis in an amount of $10,000. Such corporation bond would cover all construction operations of the public utility corporation within the county, thereby exempting said utility from the necessity to file performance guaranties for individual opening projects. However, such public utility corporations, operating under the terms and protection of a corporate bond, will still be required to make application for each opening permit, to file the application fee and to pay all costs to the township.