A. Financial guarantees shall be either by bond or assignment of funds.

B. Financial guarantees shall be on an approved County form.

C. Financial guarantees under $5,000 must be by an assignment of funds. Financial guarantees greater than or equal to $5,000 may be by assignment of funds or bonds.

D. All financial guarantees shall run continuously until released by Pierce County and shall not be subject to expirations or cancellations.

E. In the event that a property is sold, the principal is responsible for transferring the financial guarantee liability by having the new owner(s) replace any existing financial guarantees that the County is holding.

F. A completed right of entry form meeting the requirements of Title 18 PCC is required prior to acceptance of any financial guarantee covering improvements on private property.