Contract Performance Bond. The letter of guarantee issued to the name of the GRANTOR by a Financial Entity that is joint and several, unconditional, irrevocable, without benefit of excussion or division, and automatically perform, which guarantees compliance with the obligations under the responsibility of the CONCESSIONAIRE as set forth in this Contract. The Contract Performance Bond may consist of more than one letter of guarantee, on the condition that all of them add up to the total amount required for the corresponding bond. ▪ Construction Performance Bond: The Contract Performance Bond issued for the amount of up to US$ 2,500,000 (Two Million Five Hundred Thousand United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from the Closing Date to Commercial Start-Up, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract. ▪ Operating Performance Bond: The Contract Performance Bond issued for an amount of up to US$ 2,000,000 (Two Million United States Dollars), as per the form contained in Annex 4, which guarantees those obligations established from Commercial Start-Up to the termination of the Contract, including the payment of penalties under the Contract and the payment of any amounts ordered by a final and binding judgment or enforceable arbitral award resulting from the execution of the Contract.
Contract Performance Bond. (1) The Supplier binds itself to establish the good performance bond, in quantum of 12.605,04 lei, representing 10 % of the total value of the Agreement, without VAT. Garanţia de bună execuţie este valabilă până la data de 15.09.2019.
Contract Performance Bond. This Bond shall be for the use of all persons doing work or furnishing skill, tools, machinery, or materials under or for the purpose of this Contract, in accordance with the provisions of the Official Code of the State of Georgia, as amended, and is intended to be and shall be construed to be a Bond in compliance with the requirements thereof. The life of this Bond extends through the Life of the Contract, including the sixty-day maintenance period, and until one year after the Final Acceptance of the Work by the Owner. IN TESTIMONY THEREOF, the Principal and Surety have caused these presents to be duly signed and sealed in quadruplicate, this day of , 2020 CONTRACTOR (Company Name) Attest: By: (SEAL) Title: Title: SURETY (Company Name) Attest: By: (SEAL) Title: Title: (Local Agent’s Signature) (Name Printed or Typed) (Company Name) (Address) (Telephone No.) Executed in Quadruplicate PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS, THAT WE as Principal, and as Surety, are held and firmly bound unto XXXXXXX County, in the full sum of (110% of the Total Contract Price) dollars and cents ($ ), for the use and protection of said XXXXXXX County, Georgia and all subcontractors and all persons supplying labor, materials, and machinery, and equipment for the performance of the Work provided for in the Contract hereinafter referred to, for the payment of which well and truly to be made we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally by these presents.
Contract Performance Bond. 35 (A) The Contractor shall provide at the execution of the Contract and maintain for 36 the Term of the Contract a Contract Performance bond from a bonding company, financial 37 institution or other entity approved by the County. Said bond shall be , (i) a contract 38 performance bond substantially in the form of Exhibit B, or (ii) a standby letter of credit 39 from a financial institution whose long-term debt is rated in one of the three highest 40 categories by a nationally recognized rating agency (e.g. Standard & Poor' s rating of AAA, 41 AA or A), or (iii) any other financial guarantee or type of bond or letter of credit that is 42 approved by the County. The initial amount of the bond or other financial guarantee 43 provided under this subsection shall be $500,000; however, within thirty (30) days of the 44 date the Contractor receives a notice to proceed with operations or service under the 45 Contract, the bond or other financial guarantee shall be replaced or increased to a minimum 46 amount of $15 million for the first year of operations or service under the Contract. 47 Thereafter, the Contractor shall replace or maintain the bond in an amount equal to seventy 48 percent (70%) of the total revenues paid by the County to the Contractor under this 49 Contract for the previous year of operations. Except for the initial $500,000 bond, the bond 1 shall be issued for a period of not less than one (1) year; the Contractor shall provide a new 2 bond, or evidence satisfactory to the County of the bond's renewability, at least one hundred 3 eighty (180) days before the bond then in effect expires. 5 (B) Any bond under this Section shall automatically terminate on the expiration of 6 the Contract. Notwithstanding the termination of the bonds provided under Section, at any 7 time within two (2) years after the date any bond terminates, the County may make a claim 8 against the bond provided for the Contractor's failure to perform its obligations under the 10 or other financial guarantee referred to in this Article and provided to guarantee or provide 11 the funds to guarantee the performance of the Contractor's obligations under this Contract. 12 All bonds given under this Article that are signed by the Surety's agent must be 13 accompanied by a certified copy of that agent's authority to act for the Surety at the time the 14 bond is signed. The County must approve in writing the Surety providing, and the form 15 and substance of, all bonds. The Contractor...
