Applicant understands that the Escrow will be drawn upon for all professional service charges relating to the subject project including but not limited to: plan review, application review, granting of approvals, recording and inspection, code enforcement and dispute resolution.
The Escrow may also be drawn upon if the work completed is unsatisfactory or if the applicant fails to perform work that is required by the Borough relative to any project or permit approvals in a timely fashion.
A Professional Service Agreement/Contract is required for all SALDO applications and may be required by the Borough for other projects at the discretion of the Borough.
At no time shall the escrow be less than 25% of the original opening balance. In accordance with the Codified Code of the Borough and upon written request of the applicant, any balance remaining on account will be released upon confirmation that all requirements and inspections have been satisfied and upon confirmation that all charges have been invoiced.