Additional Bond Sample Clauses
The Additional Bond clause requires a party, typically a contractor or supplier, to provide an extra surety bond beyond the original bond amount specified in the contract. This additional bond may be requested if the scope of work increases, the contract value rises, or if the owner deems it necessary for added financial security. By mandating an extra bond, the clause ensures that the project owner is protected against potential losses or defaults that may arise from changes in the contract, thereby allocating risk and safeguarding the project's financial interests.
Additional Bond. It is further mutually agreed between the parties hereto, that if, at any time after the execution of this Agreement and the Payment and Performance Bonds required herein for the express purpose of assuring the faithful performance of the Contractor's work hereto attached, the CITY shall deem the surety or sureties' to be unsatisfactory, or, if for any reason, said bonds cease to be adequate to cover the performance of the work, the CONTRACTOR shall, at his expense, within five (5) days after receipt of notice from the CITY furnish an additional bond or bonds in such form and amount, and with such surety or sureties as shall be satisfactory to the CITY. In such event, no further payment to the CONTRACTOR shall be deemed to be due under this agreement until such new or additional security for the faithful performance of the work shall be furnished in manner and form satisfactory to the CITY.
Additional Bond. The Department reserves the right to require additional bonding from the Operator through an amendment to this Blanket Bond or a Replacement Bond, as provided by law, which additional bonding shall be a supplement to and augment the bond liability provided herein.
Additional Bond. This Land Reclamation Financial Guarantee is submitted pursuant to Surface Mining Permit No. originally issued on . This Land Reclamation Financial Guarantee assumes and covers any and all liability and obligations accrued and to be accrued under the Law from the above permit issuance date until such time as the Department shall release, in writing, the bond and this Land Reclamation Financial Guarantee of such liability and obligations. This Land Reclamation Financial Guarantee is an additional bond, supplementing all other bonds posted or to be posted for the permit.
Additional Bond. It is further mutually agreed between the Parties that if, at any time after the execution of this Contract and the Payment and Performance Bonds required by the Contract Documents for the express purpose of assuring the full and faithful performance of the CONTRACTOR’S work, the CRA shall deem the surety or sureties' to be unsatisfactory, or, if for any reason, the bonds cease to be adequate to cover the performance of the work, the CONTRACTOR shall, at his sole expense, within five days after receipt of notice from the CRA, furnish an additional bond or bonds in such form and amount and with such surety or sureties as shall be satisfactory to the CRA. In such event, no further payment to the CONTRACTOR shall be deemed to be due under this Contract until such new or additional security for the faithful performance of the work shall be furnished in a manner and form satisfactory to the CRA.
Additional Bond