Common use of Construction Bonds Clause in Contracts

Construction Bonds. In accordance with 153.54, et. seq. of the Ohio Revised Code, the recipient shall require that each of its Contractors furnish a performance and payment bond in an amount at least equal to 100 percent (100%) of its contract price as security for the faithful performance of its contract;

Construction Bonds. In accordance with Ohio Revised Code 153.54, et. seq. of the Ohio Revised Code., the recipient Recipient shall require that each of its Contractors furnish a performance and payment bond in an amount at least equal to 100 percent (100%) % of its contract price as security for the faithful performance of its contract;