Common use of Bond Reduction Clause in Contracts

Bond Reduction. Upon Purchaser's writ­ ten 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 Included Timber remaining on Sale Area, plus the estimated cost of uncompleted work required of Purchaser and any unpaid ▇▇▇▇▇▇▇▇ due on the timber sale. Contracting Officer shall provide written notice of the re­ determined amount to Purchaser and to Purchaser's surety. Similarly, Contracting Officer shall report to Pur­ chaser in writing the amount of deposited cash or depos­ ited securities required thereafter, if such deposits exist in lieu of a surety bond. As soon as security for the performance of this con­ tract or the settlement of Claims incident thereto is no longer necessary, appropriate notice shall be given to surety or deposits that may have been made in lieu of surety bond shall be returned to Purchaser, subject to the conditions in BT9.5.

Bond Reduction. Upon Purchaser's writ­ ten 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 Included Timber remaining on Sale Area, plus the estimated cost of uncompleted work required of Purchaser and any unpaid ▇▇▇▇▇▇▇▇ due on the timber sale. Contracting Officer shall provide written notice of the re­ determined amount to Purchaser and to Purchaser's surety. , Similarly, Contracting Officer shall report to Pur­ chaser in writing the amount of deposited cash or depos­ ited securities required thereafter, if such deposits exist in lieu of a surety bond. As soon as security for the performance of this con­ tract or the settlement of Claims incident thereto is no longer necessary, appropriate notice shall be given to surety or deposits that may have been made in lieu of surety bond shall be returned to Purchaser, subject to the conditions in BT9.5.