Bonds & Insurance a. Payment Bond & Performance Bond: Contractor shall not commence the Work until it has provided to the District, a Payment (Labor and Material) Bond and a Performance Bond, in the forms attached hereto, each in an amount equivalent to one hundred percent (100%) of the Contract Price issued by a surety admitted to issue bonds in the State of California and otherwise acceptable to the District.
Bonds & Insurance. Failure to timely obtain and deliver, or maintain any required bonds or any required proof of insurance, pursuant to the Contract Documents;
Bonds & Insurance. 21.1 At the time of the execution of this Agreement, Contractor shall provide the bonds that are required by the Contract Documents. The Performance Bond will be in an amount not less than one hundred percent (100%) of the Contract Price and shall provide for the completion of the Project in accordance with the Contract Documents, without additional cost to Sponsor. The obligation period of the Performance Bond will provide for the correction or replacement of any portion of the Project that is considered by Sponsor and/or Engineer to be defective in materials and workmanship for a period of one year following final acceptance of the Project, and it shall fully cover any and all of the costs of removal, correction, reconstruction, and any and all other related expenses in repairing or correcting the defective portions of the Project, without additional cost to Sponsor. The Payment Bond will be in an amount not less than one hundred percent (100%) of the Contract Price and it shall provide for the payment of all Project costs in accordance with the Contract Documents, without additional cost to Sponsor.
Bonds & Insurance. Prior to entry onto either building site, SMC shall provide to City performance, maintenance and statutory bonds for its selected contractor equal to the successful bid price for acquisition of materials and construction as set forth above. Said maintenance and statutory bonds shall bind the “City of Stillwater, a municipal corporation,” be issued by a company licensed to issue such instruments in the State of Oklahoma, and written on a form acceptable to City. SMC shall also provide to City evidence of said contractor’s Workmen’s Compensation insurance policy in the statutorily-prescribed amounts, and a general liability insurance policy, naming the “City of Stillwater, a municipal corporation,” as an additional insured in amounts equal to the liability limitations set forth in the Oklahoma Governmental Tort Claims Act, 51 O.S §151, et seq. SMC shall require the contractor to maintain a “builder’s risk” policy that includes coverage for theft and/or damage to equipment and materials until each splash pad is accepted by City.
Bonds & Insurance. The Contractor agrees that its Proposal shall not be withdrawn for a period of 90 days after bid opening. The Contractor further agrees that if this Proposal is accepted, it will, within 10 calendar days after receipt of Notice of Award, sign the Contract and deliver to the OWNER the required Retainage Bonds and Certificates of Insurance, and will, to the extent of its Proposal, furnish all machinery, tools, apparatus, and labor to-do the work and furnish all the materials necessary to complete all Work as specified or indicated in the Contract Documents.
Bonds & Insurance. Premium costs of the performance and payment bond of DBT or the insurance required to be furnished by DBT or any Subcontractor under Article 14.
Bonds & Insurance and Letters of Credit. Each insurance policy, performance bond and letter of credit required to be maintained or which is maintained covering the property comprising the Sale Assets is set forth in Schedule 4.21, and a copy of each such policy, letter of credit or bond will be delivered to Buyer by Seller within 30 days of the execution of this Agreement. Each such policy, letter of credit and bond is current and in full force and effect. Seller will continue to maintain in effect through the Closing Date those bonds, letters of credit and insurance policies in connection with the CATV System as may be required. During such period, Seller will not take any action or refrain from taking any action with respect to such bonds, letters of credit or insurance policies which would adversely affect the insurability of the Sale Assets or the CATV System.
Bonds & Insurance
