Bond Required Clause Samples
The 'Bond Required' clause mandates that a party, typically a contractor or service provider, must obtain and maintain a surety bond as a condition of performing under the contract. This bond serves as a financial guarantee that the party will fulfill its contractual obligations, and may cover areas such as performance, payment to subcontractors, or compliance with laws. By requiring a bond, the clause protects the other party from losses due to non-performance or default, ensuring accountability and reducing financial risk.
Bond Required. The unit member shall furnish a suitable bond indemnifying the District against loss in the event that the unit member fails to render at least two (2) years’ service in the District after return from sabbatical leave of absence. Such bond shall be exonerated in event the failure of such unit member to return and render such two (2) years’ service is caused by the death or physical or mental disability of the unit member. If the Board finds, and by resolution declares, the that interest of the District will be protected by the written agreement of the employee to return to the service of the District and render at least two
Bond Required. The unit member shall furnish a suitable bond indemnifying the District against loss in the event that the unit member fails to render at least two (2) years’ service in the District after return from sabbatical leave of absence. Such bond shall be exonerated in event the failure of such unit member to return and render such two (2) years’ service is caused by the death or physical or mental disability of the unit member. If the Board finds, and by resolution declares, the that interest of the District will be protected by the written agreement of the employee to return to the service of the District and render at least two (2) consecutive years’ service therein following his/her return from the leave, the Board in its discretion may waive the furnishing of the bond and pay the employee on leave in the same manner as though a bond is furnished.
Bond Required. 19.10.12.1 The unit member shall furnish a bond indemnifying the District for the amount of sabbatical leave pay in the event they fail to render at least two (2) years of service in the employ of the District following their return from the sabbatical leave of absence.
Bond Required. Developer must provide a performance bond for the total improvement cost stated hereinabove to secure fulfillment of all of Developer’s obligations under this Agreement. The bond shall be in a form approved by the City. The bond must be executed by a corporate surety in accordance with Texas Government Code Section 22.53. The bond shall identify the City as Owner and Obligee and shall bind both Developer’s contractor and the Surety, their heirs, administrators, executors, successors and assignees, jointly and severally. The bond shall expressly provide that Developer’s contractor shall faithfully render performance under this Agreement and shall remain in full force and effect until all requirements of the Agreement have been performed to the City’s satisfaction.
Bond Required. Before acceptance of the Extension and ▇▇▇▇ of Sale by the District, the Developer shall furnish to the District a Maintenance Bond in a form acceptable to the District. The bond shall require the Developer and/or the bonding company to correct defects in labor, workmanship, and materials which arise in the Extension for two (2) years from the date of acceptance of the Extension and until the bond is released by the District. The bond shall be in an amount equal to ten (10) percent of the cost of the Extension, but not less than five thousand dollars ($5,000.00).
Bond Required. All members of the Board of Trustees and the Plan Manager shall be bonded in an amount not less than $50,000 and such additional amount as the Board of Trustees may determine.
Bond Required. Franchisee shall, prior to obtaining any Permit specified in Section 4 (Site Approval and Compliance) of this Agreement, deliver a performance bond to the City in favor of City in the amount of One Hundred Thousand dollars ($100,000) (the “Performance Bond”).
Bond Required. 8.1.1 The Contractor shall furnish and pay for a Performance and Payment Bond written by a company licensed to do business in Louisiana, which shall be signed by the surety's agent or attorney-in-fact, in an amount equal to 100% of the Contract amount. Surety must be listed currently on the U. S. Department of Treasury Financial Management Service List (Treasury List) as approved for an amount equal to or greater than the Contract amount, or must be an insurance company domiciled in Louisiana or owned by Louisiana residents. If surety is qualified other than by listing on the Treasury list, the Contract amount may not exceed fifteen percent of policyholders' surplus as shown by ▇▇▇▇▇▇'s most recent financial statements filed with the Louisiana Department of Insurance and may not exceed the amount of $500,000. However, a Louisiana domiciled insurance company with at least an A- rating in the latest printing of the A. M. Best's Key Rating Guide shall not be subject to the $500,000 limitation, provided that the Contract amount does not exceed ten percent of policyholders' surplus as shown in the latest A. M. Best's Key Rating Guide nor fifteen percent of policyholders' surplus as shown by ▇▇▇▇▇▇'s most recent financial statements filed with the Louisiana Department of Insurance. The Bond shall be signed by the surety's agent or attorney-in-fact. The Bond shall be in favor of the Coastal Protection and Restoration Authority.
Bond Required. A successful applicant shall obtain liability insurance coverage in the amount of $1,000,000 per occurrence for the event/display, shall name the Town as an additional insured on the policy and shall provide a copy of the certificate of insurance to the Town at least 10 days before the event/display. Further, the applicant shall indemnify, defend and hold the Town harmless from any claims, causes of actions, or complaints which arise out of applicant’s display or any other events surrounding the display.
Bond Required. Prior to any ROW work a ROW User shall establish in the City's favor a performance and maintenance bond in an amount to be determined by the Director to ensure the restoration of the Rights-of-Way as more fully provided in Section 10.1004 (G). The bond shall continue in full force and effect for a period of forty-eight (48) months following completion of the work. The Director may waive this requirement when the work involves, as determined in the sole discretion of the Director, no disruption or damage or only minor disruption or damage to the Rights-of-Way. The City may waive any and all requirements under this subsection when deemed to be lawful and in the public interest.