Common use of Contractor Bonds Clause in Contracts

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 DCRAwarding Authority, 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 DCRTown, 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.;