Bonds Required. The Contractor has furnished a satisfactory Performance Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing performance of the Work in accordance with the intent of the Plans and Specifications and the terms of the Contract as provided by law. The Contractor has furnished a satisfactory Payment Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing the payment of all labor and material claims in connection with the Work as provided by law. If, in the opinion of the County of Xxxxx, the financial position of the Surety shall no longer serve the best interest of the County and the public is no longer adequately protected, the County may require the Contractor to provide a new acceptable Surety. The Contractor shall not be reimbursed for substitution of the new Surety.
Bonds Required. Construction, installation and service contracts (including repair and alteration) exceeding $100,000 requires that a 100% Performance Bond be furnished by the successful bidder (contractor). Contracts exceeding $25,000 require that a 100% Payment Bond be furnished by the successful bidder (contractor). Bonds shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least A- X and included on the U.S. Department of the Treasury Listing of Approved Sureties (Dept. Circular 570). The contractor shall be responsible for obtaining bonds and shall absorb any and all costs of such Bonds.
Bonds Required. XxXxxxx shall furnish and deliver to the Client at or before the execution of this Agreement by XxXxxxx:
Bonds Required. The required bonds in the amounts required shall be furnished by the Contractor to the District, on the forms set forth in Exhibit “E”, “Faithful Performance Bond” and Exhibit “G”, “Labor & Material Bond”, attached hereto, and approved by the District to the commencement and throughout the duration of the work. The Contractor shall secure with a responsible corporate surety or corporate sureties, satisfactory bonds conditioned upon faithful performance by the Contractor, of all requirements under the contract and upon the payment of claims of material supplier and laborers thereunder. The Faithful Performance Bond shall be in the sum of not less than one hundred percent (100%) of the estimated aggregate amount of the payments to be made under the contract computed on the basis of the ANNUAL prices stated in the bid. The Payment Bond (Labor and Material Bond) shall be in the sum of not less than one hundred percent (100%) of the estimated aggregate amount of the ANNUAL payments to be made under the contract computed on the basis of the prices stated in the bid. The payment bond shall contain the original notarized signature of an authorized officer of the surety and affixed thereto shall be a certified and current copy of his power of attorney. The payment bond shall be unconditional and remain in force during the entire term of the contract agreement and shall be null and void only if the Contractor completely and faithfully pays all subcontractors and suppliers that have been approved in writing to perform in whole or part the services required herein. SUFFICIENCY OF INSURER OR SURETY FOR PAYMENT BOND AND PERFORMANCE BOND: All insurers are to be rated “A” or better according to the most recent Best Rating Guide or The Key Rating Guide, and only if they are of a financial category Class VII or better, unless such requirements are waived by the Risk Manager of the District due to unique circumstances. All sureties shall be admitted surety insurers authorized to do business in the State of California by the Insurance Commissioner. Should the District object to the sufficiency of the insurer or surety the Contractor shall immediately deliver to the District the following documents:
Bonds Required. Payment Bond and Performance Bond.
Bonds Required. The Contractor shall furnish (1) a performance and guaranty bond and a payment bond on forms provided by and from sureties acceptable to the Government, each in the amount of 20% of the contract price, or (2) comparable alternate performance security approved by the Government.
Bonds Required. This Agreement shall have no force or effect whatsoever unless and until Contractor delivers to District a good and sufficient bond in the sum of Dollars ($ ) for the faithful performance of the Services to be done under the terms of this Agreement.
Bonds Required. (a) When the total amount of construction contracts awarded for any one project exceeds three hundred thousand dollars ($300,000), a performance and payment bond as set forth in (1) and (2) is required by the contracting body from any contractor or construction manager at risk with a contract more than fifty thousand dollars ($50,000); provided that, for State departments, State agencies, and The University of North Carolina and its constituent institutions, a performance and payment bond is required in accordance with this subsection if the total amount of construction contracts awarded for any one project exceeds five hundred thousand dollars ($500,000). In the discretion of the contracting body, a performance and payment bond may be required on any construction contract as follows:
Bonds Required. Construction, installation and service contracts (including repair and alteration) valued at over $25,000 require that 100% Payment Bonds be furnished by the successful bidder (prime CONTRACTOR). Construction, installation and service contracts (including repair and alteration) valued at over $100,000 require that 100% Performance and Payment Bonds be furnished by the successful bidder (prime CONTRACTOR). All such bids must include a 10% Bid Bond. The OWNER does not bond SUB or SUB-SUB-CONTRACTORS. Any CONTRACTOR that elects to bond SUB or SUB- SUB-CONTRACTORS will do so at their own expense. The OWNER will notify the CONTRACTOR of any special bonding requirements for SUB or SUB-SUB-CONTRACTORS, if applicable. Bonds shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least “A- X” and included on the U.S. Department of the Treasury Listing of Approved Sureties (Dept. Circular 570). The CONTRACTOR shall be responsible for obtaining bonds and shall be responsible for the payment of all bonds with reimbursement by OWNER in accordance with contract documents.
Bonds Required. No bid bond or payment bond shall be required of the Operator. The Operator shall tender either a performance (or payment, whichever is applicable) bond in the amount of $ or , alternatively a security deposit to Township in the sum of $ . Any security deposit shall be retained by Township and held to secure performance of Operator’s obligations under this Agreement.
