Common use of Completion Bond Clause in Contracts

Completion Bond. Tenant shall deliver to the Port a contractor’s completion bond (or, in lieu of a completion bond, a payment and performance bond in the full amount of any construction contract) of a surety company licensed to do business in the State of Washington, running to the Port conditioned on the completion of the Project in accordance with the Final Plans and the provisions of this Agreement, free and clear of all mechanics’ or other liens and free and clear of all financing statements under the Uniform Commercial Code. This bond shall be in an amount equal to the costs of construction for the Project and in a form and written by a company as the Port shall approve, which approval the Port shall not unreasonably withhold.

Completion Bond. Tenant Licensee shall deliver to the Port a contractor’s completion bond (or, in lieu of a completion bond, a payment and performance bond in the full amount of any construction contract) of a surety company licensed to do business in the State of Washington, running to the Port conditioned on the completion of the Project in accordance with the Final Plans approved plans and specifications and the provisions of this Agreement, free and clear of all mechanics’ or other liens and free and clear of all financing statements under the Uniform Commercial Code. This bond shall be in an amount equal to the costs of construction for the Project and in a form and written by a company as the Port shall approve, which approval the Port shall not unreasonably withhold.