Common use of Maintenance Bonds Clause in Contracts

Maintenance Bonds. 11.5.1 One-Year Maintenance Bond: ▇▇▇▇ shall provide Bond on standard City Maintenance Bond form, providing for ▇▇▇▇'▇ correction, replacement, or restoration of any portion of the Work which is found to be not in compliance with requirements of the Contract during the Correction Period required in Section 12.2. The Maintenance Bond must be for 25 percent (25%) of the GMP. 11.5.2 One-year Surface Correction Bond: ▇▇▇▇ shall provide, on the City standard form, an additional one year Bond in an amount equal to four percent (4%) of the GMP or cost of repair. Bond shall provide for ▇▇▇▇’▇ correction, replacement, or restoration of backfill or subsurface and surface work not in accordance with the Contract, within one (1) year from the date the One-Year Maintenance Bond has expired.

Maintenance Bonds. 11.5.1 One-Year Maintenance Bond: ▇▇▇▇ shall provide Bond on a standard City Maintenance Bond form, providing for ▇▇▇▇'▇ correction, replacement, or restoration of any portion of the Work which is found to be not in compliance with requirements of the Contract during the Correction Period required in Section Paragraph 12.2. The Maintenance Bond must be for 25 twenty-five percent (25%) of the GMP. 11.5.2 One-year Surface Correction Bond: ▇▇▇▇ shall provide, on the City standard form, an additional one year Bond in an amount equal to four percent (4%) of the GMP or cost of repair. Bond shall provide for ▇▇▇▇’▇ correction, replacement, or restoration of backfill or subsurface and surface work not in accordance with the Contract, within one (1) year from the date the One-Year Maintenance Bond has expired.