Extension
Your Performance Agreement has a beginning and an end. If you have not completed the work in accordance with your Agreement, then you must request an Extension. If your Performance Agreement expires and you have not completed the work or you do not have an Extension in place, you are in Default. While the Performance Agreement is in default, the owner / subdivider / developer shall not be entitled to any bond reduction, bond release, permits or inspections for the project covered by that Performance Agreement.
Submission of an Extension request must include:
- A fully executed Extension Agreement
- A fully executed Consent to Extension (omit for cash bonds)
- A Bond Rider (for corporate surety bonds only)
- A Letter of Credit Amendment (for bank letters of credit)
- Powers of Attorney where applicable
| Plan | Condition | Agreement |
|---|---|---|
| Extension | The Expiration Date of your Performance Agreement is approaching and the work is not complete. |
Extension Agreement (PDF) 8/08; Ron Brown |
| Extension Increase | The Expiration Date of your Performance Agreement is approaching and the work is not complete and the amount of the bond is no longer sufficient to complete the remaining work. | Extension Agreement - Surety Increase (PDF) 8/08 ExtAgt.Inc; Ron Brown 08/08 |
| Bond Rider | If your collateral is a corporate surety bond then, in addition to one of the above agreements, you must provide a bond rider from the bonding company. This can also be found in the Extension Agreement. | Extension Agreement Form Rider (DOC) |
| LoC Amend | If your collateral is a Bank Letter of Credit then, in addition to one of the above agreements, you must provide a Letter of Credit Amendment from the bank. | Letter of Credit Amendment (DOC) |