7 Del. Admin. Code § 7501-10.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 7501-10.0 - Bonding

10.1 Requirement. Applicants may be required to obtain a secured bond, or other surety acceptable to the Department, including an irrevocable letter of credit or money in escrow, that shall be sufficient to hire an independent contractor to complete any conditions imposed, or to effect any limitations, or to restore the project area to its original condition in the event of a failure by the applicant to comply with the conditions or limitations of the marina construction permit. Bonds may be required for compensation projects, see Section 11.3.10.

10.2 Amount. Bonds shall be posted in an amount equal to 115 percent of the estimated cost of the activity.