Common use of Bond or Security Clause in Contracts

Bond or Security. (a) As additional security for the payment and performance of the obligations of under the Act, contemporaneously with the execution of this Agreement, shall provide the Department with a bond or security in the amount of Dollars ($ ). Said bond (i) shall be issued by an insurance company qualified to transact business and issue such bonds in the State of Rhode Island under all applicable laws, (ii) shall have a rating of A or better by each of Standard & Poor’s, ▇▇▇▇▇’▇ and Best’s and (iii) shall contain such terms and conditions as the Director shall deem necessary and appropriate in his discretion. And/or … (b) … shall provide pledged to the Department for benefit of the Rhode Island employees of . Said surety shall otherwise satisfy all requirements of the bond described in Section 5. (a) hereof.

Bond or Security. (a) As additional security for the payment and performance of the obligations of under the Act, contemporaneously with the execution of this Agreement, shall provide the Department with a bond or security in the amount of Dollars ($ ). Said bond (i) shall be issued by an insurance company qualified to transact business and issue such bonds in the State of Rhode Island under all applicable laws, (ii) shall have a rating of A or better by each of Standard & Poor’s, ▇▇▇▇▇’▇ Moody’s and Best’s and (iii) shall contain such terms and conditions as the Director shall deem necessary and appropriate in his discretion. And/or … (b) … shall provide pledged to the Department for benefit of the Rhode Island employees of . Said surety shall otherwise satisfy all requirements of the bond described in Section 5. (a) hereof.