Bonds and Other Surety Sample Clauses
The "Bonds and Other Surety" clause requires one party, typically a contractor or service provider, to furnish financial guarantees such as bonds or surety instruments to assure performance or payment obligations under a contract. These guarantees may include performance bonds, payment bonds, or other forms of surety, and are often provided by third-party surety companies to protect the interests of the project owner or client. By mandating such financial assurances, the clause mitigates the risk of non-performance or non-payment, ensuring that the project can be completed or that subcontractors and suppliers will be paid even if the primary party defaults.
Bonds and Other Surety. Except as expressly provided herein, ▇▇▇▇▇▇ shall not be required to obtain or maintain bonds or other surety as a condition of this Agreement. CITY acknowledges that the legal, financial, and technical qualifications of ▇▇▇▇▇▇ are sufficient to afford compliance with the terms of the Agreement and the enforcement thereof. ▇▇▇▇▇▇ and CITY recognize that the costs associated with bonds and other surety may ultimately be borne by the Subscribers in the form of increased rates for Fiber Internet Service or other service. In order to minimize such costs, CITY agrees to require bonds and other surety only in such amounts and during such times as there is a reasonably demonstrated need therefor. CITY agrees that in no event, however, shall it require a bond or other related surety in an aggregate amount greater than $100,000, conditioned upon the substantial performance of the material terms, covenants, and conditions of this Agreement. Initially, no bond or other surety shall be required. In the event that one is required in the future, CITY agrees to give ▇▇▇▇▇▇ at least sixty (60) days’ prior written notice thereof stating the exact reason for the requirement. Such reason must demonstrate a change in ▇▇▇▇▇▇’▇ legal, financial, or technical qualifications, which would materially prohibit or impair its ability to comply with the terms of this Agreement or afford compliance therewith.
Bonds and Other Surety. Except as set forth on Schedule 4.10, Purchaser shall not be required to post or replace any bonds or other surety other than that routinely required by regulatory agencies in order to operate the Assets.
Bonds and Other Surety. 24 2.21 Liens..........................................................................................25 2.22
Bonds and Other Surety. Except as expressly provided herein, Grantee shall not be required to obtain or maintain bonds or other surety as a condition of being awarded this Franchise or continuing its existence. The City acknowledges that the legal, financial and technical qualifications of Grantee may be sufficient to afford compliance with the terms of the Franchise and the enforcement thereof. Grantee and City recognize that the costs associated with bonds and other surety may ultimately be borne by the subscribers in the form of increased rates. In order to minimize such costs, the City may require bonds and other surety only in such amounts and during such times as the City, in its sole discretion, deems necessary to ensure that work performed by Grantee is completed in a timely fashion and that all public ways, public and private property are restored as required by this Franchise. In the event the City determines that a performance or completion bond is
Bonds and Other Surety. Except as expressly provided herein, the Grantee shall not be required to obtain or maintain bonds or other surety as a condition of being awarded the Franchise or continuing its existence. The Franchising Authority acknowledges that the legal, financial, and technical qualifications of the Grantee are sufficient for compliance with the terms of the Franchise and the enforcement thereof. The Grantee and the Franchising Authority recognize that the costs associated with bonds and other surety may ultimately be borne by the Subscribers in the form of increased rates for services. In order to minimize such costs, the Franchising Authority agrees to require bonds and other surety only in such amounts and during such times as there is a reasonably demonstrated need therefore. The Franchising Authority agrees that in no event, however, shall it require a bond or other related surety in an aggregate amount greater than $10,000, for construction projects as conditioned upon the substantial performance of the material terms, covenants, and conditions of the Franchise.
Bonds and Other Surety. To guarantee the timely completion of the System Upgrade and to ensure that any construction of the Cable System and the operation thereof continue in an orderly and uninterrupted manner in the event of a default by the Grantee, and to ensure compliance with the terms of this Agreement, the Grantee shall arrange for, and shall maintain throughout the term of this Agreement, construction performance and payment bonds for the protection of Subscribers, non-subscribers and the Franchising Authority with corporate surety and trust companies reasonable acceptable to the Franchise Authority which approval shall not be unreasonably withheld. The Grantee agrees to deliver to the Franchise Authority at the signing and delivery of the Agreement such construction performance and payment bonds or other suitable security in a form reasonably acceptable to the Franchising Authority in an aggregate amount no less than One Hundred Thousand Dollars ($100,000.00) conditioned for the performance of the obligations of the Grantee contained in this Agreement. Upon completion of the System Upgrade such bond or bonds shall be reduced to an amount not less than Twenty-Five Thousand Dollars ($25,000.00). The construction performance and payment bonds shall provide for indemnification and payment up to the full face amount of the bonds, for: (i) the cost of construction of the Cable System, and to maintain operation of the Cable System, following a termination of this Agreement up to the date upon which the face amount of the bonds, plus all revenue actually received through the continued operation of the System during said period, have been exhausted; (ii) any loss or damage to any Public Ways, municipal structure or private property, (iii) any other costs, or loss or damage actually incurred by any Subscriber, non-subscribers or the Franchising Authority as a result of the Grantee's failure to faithfully perform its obligations under this Agreement; and (iv) the removal of all or any part of the Cable System from the Public Ways. The aforesaid bonds or other security shall not be released until the proper performance of all of the obligations of the Grantee contained herein, and only after approval and verification by the Franchising Authority to that effect and/or compliance with all laws, rules, and regulations of the Franchising Authority or any commission, agency or board having lawful jurisdiction thereof, including but not limited to the Federal Communications Commission. T...
Bonds and Other Surety