Common use of Completion Bond Clause in Contracts

Completion Bond. MSR shall secure and pay for a Project completion bond (“Completion Bond”) ensuring full and complete completion of the Project in accordance with the Final Project Design, as documented by Final Acceptance. The Completion Bond shall be issued by a surety company admitted and licensed in the State of Washington and possessing an A.M. Best’s policyholder’s rating of A or better and a financial rating of no less than VIII. The Completion Bond shall be executed on a form approved by the Director. The City and SPS shall each be identified as obligees on the Completion Bond (by way of a dual obligee rider or otherwise).