Minimum Bond Clause Samples

The Minimum Bond clause sets a required minimum value for a bond that must be provided, typically as a form of security or guarantee in contractual agreements. This clause specifies the lowest acceptable amount for the bond, ensuring that the party providing the bond cannot offer less than the stipulated sum; for example, a contractor may be required to post a performance bond of at least a certain dollar amount before work begins. Its core function is to protect the interests of the beneficiary by ensuring sufficient financial coverage in case of default or non-performance.
Minimum Bond. Concurrent with the execution of the lease by the lessee, lessee shall furnish to the Director a good and sufficient bond or undertaking on a department form in the amount of five thousand dollars ($5,000) for commercial operations and one thousand dollars ($1,000) for all other operations, in favor of the state of ARCHIVE Idaho, conditioned on the payment of all damages to the land and all improvements thereon which result from the lessee’s operation and conditioned on complying with statute, these rules and the lease terms. This bond is in addition to the bonds required by the Idaho Dredge and Placer Mining Protection Act (Title 47, Chapter 13, Idaho Code).
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Related to Minimum Bond

  • Minimum Book Net Worth The Borrower will maintain, during each period described below, its Book Net Worth in an amount not less than the amount set forth below:

  • Minimum Interest Coverage The Borrower will not permit the ratio of EBITDA to Consolidated Interest Expense as at any fiscal quarter end for the four fiscal quarters then ending to be less than 3.00 to 1.0.

  • Minimum Balance ▇▇▇▇▇▇▇▇ agrees to maintain a minimum balance of funds in the Settlement Account as Processor may specify to Merchant in writing from time to time.

  • Minimum Borrowing Amount The aggregate principal amount of each Borrowing by the Borrower shall not be less than the Minimum Borrowing Amount.

  • Minimum Balance Requirements To be a member and maintain Accounts with Us You must purchase 1 share in the Credit Union. The par value of a share in this Credit Union is $5.00. If the balance in Your primary share Account drops below 1 share ($5.00), at any time, We may, at Our option, close Your Account. Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance."