Site Improvement Bond Law and Legal Definition
A site improvement bond means a bond under which the developer guarantees that a public property affected by private improvements will be upgraded in accordance with applicable building codes. This bond says that improvements to an existing structure will be made as per the government requirements. It is different from a subdivision bond in which improvements are made to new structures. It is also known as subdivision improvement bonds. A site improvement bond may take different forms such as certificates of deposit, cash, certified cashier's check or money order, irrevocable letter of credit issued by a bank, credit union, or a corporate surety bond. Improvements made under a site improvement include curbs and gutters, sidewalks, utilities, grading, storm drains, and streets. A site improvement plan will usually contain the estimate of cost and time of completion of improvement.
