Common use of Bonds Required Clause in Contracts

Bonds Required. The Contractor has furnished a satisfactory Performance Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing performance of the Work in accordance with the intent of the Plans and Specifications and the terms of the Contract as provided by law. The Contractor has furnished a satisfactory Payment Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing the payment of all labor and material claims in connection with the Work as provided by law. If, in the opinion of the County of Xxxxx, the financial position of the Surety shall no longer serve the best interest of the County and the public is no longer adequately protected, the County may require the Contractor to provide a new acceptable Surety. The Contractor shall not be reimbursed for substitution of the new Surety.

Bonds Required. ‌ The Contractor has furnished a satisfactory Performance Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing performance of the Work in accordance with the intent of the Plans and Specifications and the terms of the Contract as provided by law. The Contractor has furnished a satisfactory Payment Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing the payment of all labor and material claims in connection with the Work as provided by law. If, in the opinion of the County of Xxxxx, the financial position of the Surety shall no longer serve the best interest of the County and the public is no longer adequately protected, the County may require the Contractor to provide a new acceptable Surety. The Contractor shall not be reimbursed for substitution of the new Surety.