Contractor Bonds Clause Samples
The Contractor Bonds clause requires the contractor to provide a financial guarantee, typically in the form of a surety bond, to ensure fulfillment of their contractual obligations. This bond protects the project owner by providing compensation if the contractor fails to complete the work or meet specified standards. In practice, the clause may specify the type and amount of bond required, such as performance or payment bonds, and outline the process for making a claim. Its core function is to allocate risk and provide financial security, ensuring that the project owner is protected against contractor default or non-performance.
Contractor Bonds. To secure the faithful performance of the Work and to satisfy all of Contractor's payment obligations arising hereunder, Contractor shall provide a payment bond in an amount not less than 100% of the Contract Sum through a corporate surety company, conditioned for the payment of all laborers and mechanics for labor that is performed and for the payment for material and equipment rental which is actually used or rented in the performance of the Contract. The Contractor shall provide a performance bond in an amount not less than 100% of the Contract Sum through a corporate surety company.
Contractor Bonds. Prior to, or by the signing of this Agreement, the Contractor shall furnish to the City a performance bond and a labor and material payment bond in an amount equal to one hundred percent (100%) of the contract amount, which shall be acceptable to the City in form and content. The surety providing such bonds shall be a company licensed to do business in the State of Missouri and shall be acceptable to the City.
Contractor Bonds.
A. The Contractor shall provide performance and payment (labor and materials) bonds in the form provided by the DCR, executed by a surety licensed by the Commonwealth of Massachusetts Division of Insurance. Each such bond shall be in the amount of the Contract Price.
B. If at any time prior to final payment to the Contractor, the Surety: -has liquidated all assets and/or has made a general assignment for the benefit of its creditors. -is placed in receivership. -otherwise petitions a state or federal court for protection from its creditors; or -allows its license to do business in Massachusetts to lapse or be revoked.
Contractor Bonds. A. The Contractor shall provide performance and payment (labor and materials) bonds in the form provided by the Awarding Authority, executed by a surety licensed by the Commonwealth of Massachusetts Division of Insurance and whose name appears on United States Treasury Department Circular 570. Each such bond shall be in the amount of the Contract Price.
B. If at any time prior to final payment to the Contractor, the Contractor’s surety:
(1) is adjudged bankrupt or has made a general assignment for the benefit of its creditors;
(2) has liquidated all assets and/or has made a general assignment for the benefit of its creditors;
(3) is placed in receivership;
(4) otherwise petitions a state or federal court for protection from its creditors; or
(5) allows its license to do business in Massachusetts to lapse or be revoked; then the Contractor shall, within twenty-one (21) days of any such action listed above, provide the Awarding Authority with new performance and payment bonds as described in Article XVI.1.A above. Such bonds shall be provided solely at the Contractor's expense.
Contractor Bonds. An assignment to Purchaser of Seller's right, title and interest in and under all payment and/or performance bonds delivered by any contractor or subcontractor in connection with the completion of the Improvements and the consent of the applicable sureties to such assignment;
Contractor Bonds. In connection with Rearrangements and County or District Projects and any work performed by the County or District or their contractors, the County, District and LACMTA may require their respective contractors to secure payment and performance bonds, or other equivalent sureties, naming the County, District and LACMTA as an additional obligee or co-beneficiary, as appropriate. Such bonds shall be issued by a California licensed surety.
Contractor Bonds. Prior to commencement of construction at the Site, the Contractor shall deliver to the District a Labor & Materials Payment Bond and Performance Bond (collectively “Bonds”) in the form and content incorporated into the Contract as Schedule 6 (Performance Bond) and Schedule 7 (Labor & Materials Payment Bond). The Bonds will be accepted by the District only if: (i) the Bonds are issued by an Admitted Surety Insurer under California law; and (ii) the Surety issuing the Bonds is AM Best rated at least A-/VII.
Contractor Bonds. Unless added by Change Order or other Modification or indicated in an individual Task Order, at the sole and absolute discretion of Owner, no bonds from Contractor will be required for a Project except Subcontractor bonds as described in Subparagraphs 7.2.2 and 7.2.3 herein.
Contractor Bonds. In connection with Rearrangements and County or District Projects and any work performed by the County or District or their contractors, the County, District and the MTA may require their respective contractors to secure payment and performance bonds, or other equivalent sureties, naming the County. District and the MTA as an additional obligee or co-beneficiary, as appropriate. Such bonds shall be issued by a California licensed surety.
Contractor Bonds. The University agrees to pay, or cause to be paid, in a timely manner all persons, firms, or organizations that performed labor or furnished materials, equipment or supplies used in the design and construction of the Control Building, Reclaimed Supply Lines and the Heat Exchanger Building. The University may require a payment and performance bond(s) to be supplied by the University’s general contractor in an amount equal to the costs of the applicable Control Building, Reclaimed Supply Lines and the Heat Exchanger Building and a lien waiver from the general contractor. Proof of said payment and performance bond and lien waiver shall be provided to the City prior to the start of construction of the Control Building, Reclaimed Supply Lines and the Heat Exchanger Building.