Additional or Substitute Bond Sample Clauses
The 'Additional or Substitute Bond' clause allows a party, typically the contractor or principal, to provide an extra or replacement surety bond during the course of a project. This clause outlines the circumstances under which a new bond may be required, such as when the original surety becomes insolvent or is otherwise unable to fulfill its obligations, or when the project owner requests increased security. By enabling the provision of an additional or substitute bond, this clause ensures continuous financial protection for the project owner, addressing potential gaps in coverage and mitigating the risk of loss due to surety issues.
Additional or Substitute Bond. If, at any time, the TOWN DISTRICT shall be or become dissatisfied with any surety or sureties, then upon the Performance Bond, or if, for any other reason, such bond shall cease to be adequate security to the TOWN DISTRICT, the Contractor shall, within five (5) days after notice from the TOWN DISTRICT, substitute an acceptable bond in such form and sum, and signed by such other surety as may be satisfactory to the TOWN DISTRICT. The premiums on such bonds shall be paid by the Contractor. No further payments shall be deemed due, nor shall be made until the new surety shall have been qualified.
Additional or Substitute Bond. 30.1 If at any time the Owner for justifiable cause shall be or become dissatisfied with any surety or sureties, then upon the Performance or Payment Bonds, the Contractor shall within five (5) days after notice from the Owner so to do, substitute an acceptable bond (or bonds) in such form and sum and signed by such other surety or sureties as may be satisfactory to the Owner. The premiums on such bond shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new surety or sureties shall have furnished such an acceptable bond to the Owner.
Additional or Substitute Bond. 13.3.3.1 If at any time the City, for justifiable cause, shall be or become dissatisfied with any Surety or Sureties upon the Performance or Payment Bonds, the Contractor shall within thirty (30) consecutive work days after notice from the City to do so, substitute an acceptable bond (or bonds) in such form and sum and signed by such other Surety or Sureties as may be satisfactory to the City. The premiums on such bond (or bonds) shall be paid by the Contractor.
13.3.3.2 No further payments shall be deemed due nor shall be made until the new Surety or Sureties shall have furnished such an acceptable bond to the City.
Additional or Substitute Bond. If at any time, the Owner, for justifiable cause, shall be or become dissatisfied with any Surety or Sureties for the Performance or Payment Bond, the Contractor shall within five (5) days after notice from the Owner so to do, substitute an acceptable bond (or bonds) in such form and sum and signed by such other Surety or Sureties as may be satisfactory to the Owner. The premiums on such bond shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new Surety or Sureties shall have furnished such an acceptable bond to the Owner.
Additional or Substitute Bond. If at any time the Owner shall become dissatisfied with any surety or sureties then upon the Payment Bond, or if for any other reason such bonds shall cease to be adequate security to the Owner, Contractor shall within ten (10) days after the notice from the Owner, substitute an acceptable bond or bonds in such form and sum and signed by such other surety or sureties as may be satisfactory to the Owner, except that the penal sum of said bond shall not exceed the Contract Price as adjusted by Change Orders. The premiums on such bond or bonds shall be paid by Contractor. No further payments shall be deemed due nor shall be made until the new surety or sureties shall have furnished such an acceptable bond or bonds to the Owner.
Additional or Substitute Bond. If at any time the County for justifiable cause shall be or become dissatisfied with any surety or sureties, then upon the Performance or Payment Bonds, the Contractor shall within five days after notice from the County so to do, substitute an acceptable bond (or bonds) in such form and sum and signed by such other surety or sureties as may be satisfactory to the County. The premiums on such bond shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new surety or sureties shall have furnished such an acceptable bond to the County.
Additional or Substitute Bond. If at any time the OWNER, for justifiable cause, shall be or become dissatisfied with any Surety or Sureties for the Performance and/or Payment Bonds, the CONTRACTOR shall, within five (5) days after notice from the OWNER to do so, substitute an acceptable bond (or bonds) in such form and sum and signed by such other Surety or Sureties as may be satisfactory to the OWNER. The premiums on such bond shall be paid by the CONTRACTOR. No further payments shall be deemed due nor shall be made until the new Surety and Sureties shall have furnished such an acceptable bond to the OWNER.
Additional or Substitute Bond