Common use of BONDING OF SUBCONTRACTOR Clause in Contracts

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, 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 AgreementSubcontract, and neither Owner Owner, General Contractor, nor Contractor shall be obligated to notify any surety or sureties of any such change.