Common use of Bond Reduction Clause in Contracts

Bond Reduction. Upon Purchaser’s written request, Contracting Officer shall redetermine the amount of Purchaser’s performance bond to an amount not less than Purchaser’s remaining obligations, including the value of In- cluded Timber remaining on Sale Area, plus the estimated cost of uncompleted work required of Purchaser and any un- paid ▇▇▇▇▇▇▇▇ due on the timber sale. Contracting Officer shall provide written notice of the redetermined amount to Pur- chaser and to Purchaser’s surety. Similarly, Contracting Officer shall report to Purchaser in writing the amount of depos- ited cash or deposited securities required thereafter, if such deposits exist in lieu of a surety bond.