Bonds Required. Construction, installation and service contracts (including repair and alteration) exceeding $100,000 requires that a 100% Performance Bond be furnished by the successful bidder (contractor). Contracts exceeding $25,000 require that a 100% Payment Bond be furnished by the successful bidder (contractor). Bonds shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least A- X and included on the U.S. Department of the Treasury Listing of Approved Sureties (Dept. Circular 570). The contractor shall be responsible for obtaining bonds and shall absorb any and all costs of such Bonds.
Appears in 3 contracts
Sources: Right of Entry and Construction Agreement, Right of Entry and Construction Agreement, Right of Entry and Construction Agreement