Maintenance Payment and Performance Bonds. As Maintenance Security, DB Contractor may elect to provide and maintain payment and performance bonds in the amount and pursuant to the requirements set forth in this Section 7.4 (the “P&P Bonds”).
Maintenance Payment and Performance Bonds. 7.1.1 On or before 60 Days after issuance by TxDOT of Maintenance NTP1, Maintenance Contractor shall provide to TxDOT, and shall maintain at all times, a Maintenance Performance Bond and a Maintenance Payment Bond, in the forms attached as Exhibit 6 and Exhibit 7 respectively that shall guarantee the performance of the Maintenance Services and shall also guarantee payment to Persons performing certain work for Maintenance Contractor under this Comprehensive Maintenance Agreement.
Maintenance Payment and Performance Bonds. Prior to commencement of construction of the Public Improvements, Developer’s Contractor shall provide maintenance, payment and performance bonds to the City as Owner for the construction of the Public Improvements, in accordance with the City’s “General Conditions for Public Works Construction,” to ensure completion of construction of the Public Improvements and payment of the subcontractors and suppliers of material and labor. Such bonds shall be executed with a corporate surety in accordance with Chapter 2253, Texas Government Code. The amount of such bonds shall be for 100% of the Construction Costs related to the construction of the Public Improvements and the bonds shall be on forms approved by the City Attorney.
