Common use of Bond Amount Clause in Contracts

Bond Amount. The Bond shall be in a sum equal to twenty-five percent (25%) of the Contract amount, unless otherwise stated in the Specifications. Authority may file a claim against the Bond if Contractor fails or refuses to fulfill the terms and provisions of the Contract.

Bond Amount. The Bond shall be in a sum equal to twenty-five percent (25%) of the Contract Agreement amount, unless otherwise stated in the Specifications. Authority may file a claim against the Bond if Contractor Consultant fails or refuses to fulfill the terms and provisions of the ContractAgreement.