Performance Bond definition

Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;

Performance Bond means a surety bond which guarantees against Contractor’s Default as well as Contractor’s full performance of its obligations hereunder.

Performance Bond means a surety bond which guarantees that the Contractor will fully perform the Contract and guarantees against breach of contract.

Examples of Performance Bond in a sentence

• Exhibits to this Agreement are as follows: Exhibit A—Title(s) of Drawings Exhibit B—Title(s) of Specifications Exhibit C—Affidavit of No Conflict Exhibit D—Certificate(s) of Insurance Exhibit E—Payment and Performance Bond Exhibit F—Standard Forms 1—Application for Payment 2—Certificate of Substantial Completion 3—Final Reconciliation / Warranty / Affidavit 4—Change Order 5—Public Construction Bond Form WHEREFORE, the parties hereto have executed this Agreement as of the date last executed below.

• For Changes in the Work that result in an increase in the Contract Sum, Owner reserves the right to require the Contractor to secure and deliver additive riders to the Payment and Performance Bond.

• A Performance Bond in the value of 20 percent of the Gross Timber Sale Value, rounded to the nearest $1,000.00 shall be posted when the contract is signed.

• As a condition of Owner’s termination rights provided for in this subsection, Contractor shall be released and discharged from all obligations arising by, through, or under the terms of the Contract Documents, and the Payment and Performance Bond shall be released.

• Any amount found due after this sub-section may be deducted from the Performance Bond.

More Definitions of Performance Bond

Performance Bond means the approved form of security furnished by the Contractor and Contractor's Surety as a guarantee of good faith on the part of the Contractor to execute the work that is the Contractor's obligation, in accordance with the terms of the Contract.

Performance Bond. A bond in an amount at least equal to one hundred percent (100%) of Contract Price as security for faithful performance of this Contract.

Performance Bond means the performance bond to be provided to the Secretary of State in the form set out in Appendix 1 (Form of Performance Bond) to Schedule 12 (Financial Obligations and Covenants), as replaced or amended from time to time in accordance with Schedule 12;

Performance Bond means the guarantee described in Sub-Clause 2.19 [Performance Bond], which delivery shall be procured by the successful Tenderer.

Performance Bond means the Initial Performance Bond and any Replacement Performance Bond, which in each case, shall comply with the requirements of paragraph 4.2 of Schedule 12 (Financial Covenants and Bonds);

Performance Bond means a surety bond, collateral bond, self-bond, deposit, a bond issued under the state surface mining and reclamation bond fund, any alternative form of security approved by the commission, or combination thereof, by which a permittee assures faithful performance of all requirements of this chapter.

Performance Bond means a contract of guaranty executed subsequent to award by a successful bidder to protect the state from loss due to contractor inability to complete a contract.