Performance Surety. 10.8.1 Franchisee shall provide to County within ten (10) days after execution of this Agreement, a cash or surety bond in an amount at least equal to the yearly average of two months gross revenue provided by a Surety Company with a Best rating of "A" or better and licensed to do business in the State of California, conditioned upon the full faithful performance of all covenants and conditions of this Agreement and any extensions or amendments thereto and Chapter 8.12 of the San Xxxx Obispo County Code. Said surety bond must be approved by County prior to performance of any work under this Agreement. A certificate of deposit or an irrevocable letter of credit for the required amount from a bank acceptable to County may be provided in lieu of said surety bond.
Performance Surety. 1442 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1443 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1444 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1445 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1446 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1447 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1448 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1449 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1450 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1451 Authority. 1452 1453
Performance Surety. To provide and maintain surety satisfactory to the City in an amount sufficient to ensure the Developer’s performance under this Agreement and in accordance with Section 31-512 of the Unified Development Ordinance.
Performance Surety. In guarantee of the faithful completion of all improvements listed under Section 1, PERFORMANCE, the owner agrees to furnish to the City a letter or letters of credit or other acceptable security with good and sufficient surety acceptable to the City in the sums of: A. $ (7), representing 110 percent of the estimated cost of completing the final street topping and sidewalks;
Performance Surety. Within ten (10) days of Contract award, the Contractor shall furnish a surety bond, bank’s letter of credit or cashier’s check to guarantee faithful performance. Said surety shall be for twenty-five percent (25%) of the annual monetary limit of the Contract awarded. Said surety shall be submitted and duly executed by the Contractor and a responsible corporate surety authorized to issue such bonds in the State of California and secured through an authorized agent with an office in California. The Contractor shall pay all surety premiums, costs and incidentals. The Surety must be authorized to transact business under the laws of the State of California. Should any surety be at any time unsatisfactory to the County, or should any bond become insufficient, the Contractor will be given notice to that effect. No further payment shall be deemed due or be made under the Contract until a new surety and/or bond is furnished to the County.
Performance Surety. BOND 7.1 Within 30 days of the signing of this agreement, CONTRACTOR shall provide to OWNERS a performance bond, issued by a duly licensed authority acceptable to the OWNERS, and equal to the amount of PHP 4,500,000.00 (Four Million and Five Hundred Thousand Philippine Pesos), with the OWNERS as beneficiary.
Performance Surety. If the Developer desires that the final plat be approved and executed prior to the completion and final acceptance of the Project, Developer must provide to the City surety in the form of an irrevocable letter of credit, bond, or a cash deposit in an amount set by the Department based upon the construction cost estimate, prepared by the Developer’s Engineer for the Project, as approved by the Department. The surety shall remain in force through the completion of the work and shall extend for a period of 36 months after the completion of the work, except that the City may release a portion of the surety during the warranty period established herein; provided however, that the surety retained for such warranty period will not be less than as follows:
Performance Surety. Within ten (10) calendar days of the award of the Contract, Contractor shall furnish a Faithful Performance Bond and a Labor and Material Payment Bond, each in an amount equal to 100% of the annual Contract amount. Said bonds shall be in the form of the models to be provided by the County and be approved by the County Counsel and Risk Manager of the County Of Orange. Such bonds shall be executed by an admitted surety insurer (authorized to transact surety insurance in California); if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to surety's financial condition from time to time as requested by OC Waste & Recycling, Contractor shall promptly furnish such additional security as may be required by OC Waste & Recycling or the Board of Supervisors from time to time to protect the interests of County and of persons supplying labor or material in the prosecution of the work contemplated by this Contract. Failure to furnish such additional security shall constitute a material breach of the agreement. The Contract shall be signed and returned, together with the bonds and insurance documents, within ten (10) calendar days after the Contract has been awarded by the County of Orange Board of Supervisors. The County shall return the Bond to the Contractor upon successful completion of Contractor’s duties and obligations under this Contract. Submit Bonds to: OC Waste & Recycling 000 X. Xxxxxx Xx., Xxx. 000 Xxxxx Xxx, XX 00000 Attn: Purchasing Manager Re: Bonds for Contract No. MA-299-13010437
Performance Surety. In order to secure Developer’s performance and completion of the Developer-Provided Public Improvements, Developer shall furnish to the City a performance guaranty (“Performance Guaranty”) in an amount equal to 125% of the total cost of the Developer- Provided Public Improvements set forth in the City approved cost estimate. Developer shall submit to the City, in conjunction with its submission of the Plans, a proposed cost estimate stamped and sealed by a licensed, professional engineer for all Developer-Provided Public Improvements for Phase I of the Project, within the timeframe specified in Section 2.2, below. Upon approval of the Plans, the City approved cost estimate for all Developer-Provided Public Improvements for Phase I of the Project will be attached to this document as Exhibit C and shall be incorporated herein by this reference (the “Engineer’s Cost Estimate”). Any such Performance Guaranty shall be in the form of a cash escrow, irrevocable letter of credit, or subdivision improvements performance bond in form and substance acceptable to the City in its sole and absolute discretion, ensuring the satisfactory completion of the Developer-Provided Public Improvements. The Performance Guaranty will be provided to the City at the date upon which the City approves the Plans pursuant to Section 2.2, and shall be kept in full force and effect until Developer completes the work and the City issues the Certificate of Initial Acceptance for all Developer-Provided Public Improvements. The City shall release any such Performance Guaranty upon Initial Acceptance, less amounts the City may retain as set forth in Section 2.11* to guarantee Developer’s fulfillment of its repair or replacement obligations as set forth in Section 2.11.*
Performance Surety. The Contractor shall maintain a Performance Surety Bond with a corporate Surety duly authorized to do business in the State of New Mexico, conditioned upon the faithful performance of this Contract. The single Performance Surety Bond shall be in the amount of Two hundred and fifty thousand dollars ($250,000). Should the financial condition of the corporate Surety become unacceptable to the Town of Taos, the Contractor shall promptly furnish such additional Surety or substitute bond at the Contractor’s expense as may be reasonably required by the Municipality to protect its interests.
