BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a labor and material bond and performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor and shall be in a form satisfactory to Contractor. Contractor shall pay the premium on said bonds unless otherwise provided herein or in the Contract Documents.
BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a labor and material bond and performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor in its sole discretion and shall be in a form satisfactory to Contractor. Payment for the premium on said bonds shall be made as otherwise provided in the Contract Documents, and if not so provided, shall be the responsibility of Subcontractor. No change, alteration or modification in or deviation from this Subcontract Agreement or the plans or specifications shall release or exonerate, in whole or in part, any surety on any bond given in connection with this Subcontract Agreement, and neither Owner nor Contractor shall be obligated to notify any surety or sureties of any such change. In the event of a Default or threatened Default, Contractor shall have the right to demand that Subcontractor post a bond to secure performance of Subcontractor's obligations under this Subcontract at Subcontractor's sole expense. Subcontractor hereby consents to the issuance of such a bond, agrees it shall be liable to the surety under such bond, and agrees that if Contractor posts the bond the cost of such bond shall be charged to Subcontractor in a deductive change order which Subcontractor hereby approves.
BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a Payment and Performance Bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bond shall be executed by a corporate surety acceptable to Contractor in its sole discretion and shall be in a form satisfactory to Contractor. Payment for the premium on said bond shall be made as otherwise provided in the Contract Documents, and if not so provided, shall be the responsibility of Subcontractor. No change, alteration or modification in or deviation from this Subcontract Agreement or the plans or specifications shall release or exonerate, in whole or in part, any surety on any such bond given in connection with this Subcontract Agreement, and neither Owner nor Contractor shall be obligated to notify any surety or sureties of any such change.
BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, supply a labor and material bond and a performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Such bonds shall be in forms satisfactory to Contractor and shall be executed by a U.S. Treasury listed corporate surety acceptable to Contractor and admitted as a surety insurer in the State of California. The premium cost for such bonds is included in the Contract Price. No change, alteration or modification to, or deviation from, the Contract Documents, including this Subcontract, the Prime Contract, plans, or specifications, whether made in the manner provided for in this Subcontract or not, shall release or exonerate, in whole or in part, any bond or any surety on any bond given in connection with this Subcontract, and no notice is required to be given to such surety of any such change, alteration, modification, or deviation. See the Prime Contract General Conditions (Document 000700), Article 10.02.C for additional requirements.
BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a labor and material bond and performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor in its sole discretion and shall be in a form satisfactory to Contractor. Payment for the premium on said bonds shall be made as otherwise provided in the Contract Documents, and if not so provided, shall be the responsibility of Subcontractor. No change, alteration or modification in or deviation from this Subcontract Agreement or the plans or specifications shall release or exonerate, in whole or in part, any surety on any bond given in connection with this Subcontract Agreement, and neither Owner nor Contractor shall be obligated to notify any surety or sureties of any such change. In the event of a Default or threatened Default, Contractor shall have the right to demand that Subcontractor post a bond to secure performance of Subcontractor’s obligations under this Subcontract at Subcontractor’s sole expense.
BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Subcontract, or at any time during performance of the Work by Subcontractor and if required in the solicitation for bids upon ten (10) calendar days advanced written notice to Subcontractor, Subcontractor shall, if required by Contractor, execute a labor and material bond and a performance bond, each in an amount equal to one hundred percent (100%) of the Subcontract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor and shall be in a form satisfactory to Contractor. Contractor shall pay the premium on said bonds unless otherwise provided herein or in the Contract Documents.
BONDING OF SUBCONTRACTOR. If required by Contractor, Subcontractor shall submit a Faithful Performance Bond and/or a Payment Bond each in an amount requested by Contractor. Such bonds shall be issued by a surety admitted in California, and in a form satisfactory to Contractor. Contractor shall pay up to 1.5%. Such bonds shall be furnished to Contractor no later than 7 days after Subcontractor's execution of the Agreement. Further, Subcontractor shall not commence any work until it has furnished same and until said bonds have been accepted by Contractor. The failure of Subcontractor to timely furnish any required bond, or the performance of work by Subcontractor before furnishing acceptable bonds as required hereunder, will constitute a breach of this Agreement, giving Contractor the right to terminate this Agreement without any liability of any kind to Subcontractor. No change, alteration or modification in the terms and conditions of this Agreement or in the terms or manner of payment shall in any way exonerate or release, in whole or in part, any surety on any bond furnished by or on behalf of Subcontractor.
BONDING OF SUBCONTRACTOR. 1. If required by the General Contractor, the Subcontractor shall execute a Labor and Material Payment Bond and a Performance Bond each in the amount of 100% of the Subcontract Sum. The Performance Bond shall provide in substance that the Surety guarantees the timely performance of all of Subcontractor's obligations under this Agreement. If the bonds are not required by the Work Order, the General Contractor shall reimburse the Subcontractor for the actual cost of the bonds, with no mark-up applied for overhead and profit. Subcontractor shall provide the actual invoice from Surety prior to reimbursement. Subcontractor is responsible for any additional costs should the actual bond costs be greater than the rate initially quoted by the Subcontractor. Said bonds shall be executed by a corporate surety acceptable to the General Contractor, licensed to do business in the State where the work is located, and shall be in a form acceptable to the General Contractor. General Contractor shall supply Subcontractor with bond forms if bond is requested. Surety shall contain an "A VI" rating as determined by Best's Key Rating Guide and be listed by the Federal Register, Department of the Treasury. Bonds shall be furnished within ten (10) days of General Contractor's request. Failure to furnish compliant bonds within this time frame will be considered a condition of default and allow General Contractor, at his sole discretion, to terminate this Agreement without penalty.
BONDING OF SUBCONTRACTOR. If the Subcontractor Price is in excess of $100,000.00, and/or if Contractor hereinafter requests the same in writing, then concurrently with its execution and delivery of this Agreement to Contractor, Subcontractor must furnish a Labor and Material Bond and Faithful Performance Bond each in an amount equal to one hundred percent (100%) of the Subcontract Price. Contractor reserves the right to waive said bonds but only in writing. Contractor shall have the right to demand such surety bonds at any time during the performance of the Work, and if Subcontractor fails to furnish the demanded bonds within ten (10) days after Contractor’s written demand, Subcontractor shall be deemed to be materially in default. Said bonds shall be executed by a corporate surety acceptable to Contractor and shall be in form satisfactory to Contractor. Contractor shall pay the premium for the bonds up to 1 ½ of the Subcontractor Price unless otherwise provided herein or in the Contract Documents. Any excess premium will be paid by the Subcontractor.
BONDING OF SUBCONTRACTOR. 8.1. Concurrently with the execution of this Agreement, Subcontractor shall, if required by XYZ, provide a payment bond and/or performance bond, each in an amount equal to one hundred percent (100%) of the Subcontract Price. These bonds shall be executed by a corporate surety acceptable to XYZ and shall be in a form satisfactory to XYZ. XYZ shall pay the premium on these bonds, without markup, and such amount is included in the Subcontract Price.
