N.Y. Comp. Codes R. & Regs. tit. 17 § 127.7

Current through Register Vol. 46, No. 43, October 23, 2024

Section 127.7 - Acceptable forms of performance security

In order to ensure the completion of work allowed under a highway work permit or annual permit issued pursuant to Parts 125, 126, 129, 131 and 134 of this Title, and to ensure that the State highway is restored to the condition it was in before permitted work was undertaken without any liens or encumbrances, performance and payment security is required. Forms of performance security acceptable to the department are as follows:

(a) A cash deposit in funds of the United States paid to the permitting office.

(b) A performance/payment bond in a form prescribed by the department.

(c) A letter of credit issued by any bank authorized to do business in the State of New York.

N.Y. Comp. Codes R. & Regs. Tit. 17 § 127.7