No Performance Bond Clause Samples
The "No Performance Bond" clause specifies that the party undertaking the contractual obligations is not required to provide a performance bond as security for their performance. In practice, this means the contractor or service provider does not need to obtain a financial guarantee or insurance policy to assure the other party of their ability to fulfill the contract. This clause is often used when the parties have established trust or when the cost and administrative burden of a bond are deemed unnecessary. Its core function is to simplify the contractual arrangement and reduce costs by eliminating the need for additional security measures.
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No Performance Bond. Because this contract, including applicable sales tax, is less than $35,000, and pursuant to Chapter 39.08 RCW, the Contractor, in lieu of providing the City a performance bond, has elected to have the owner retain the final fifty percent (50%) of the Contract amount for a period of sixty (60) days after the date of final acceptance, or until receipt of all necessary releases from the State Department of Revenue and the State Department of Labor & Industries and until settlement of any liens filed under Chapter 60.28 RCW, whichever is later.
No Performance Bond. The Contractor, in lieu of providing the City a performance bond, has elected to have the City retain the final ten percent (10%) of the Contract amount pursuant to RCW 39.08.010. Therefore, the final ten percent (10%) shall be retained by the City for thirty (30) days after the date of final acceptance or until receipt of all necessary releases from the State Department of Revenue, and the State Department of Labor & Industries and until settlement of any liens filed under Chapter 60.28 RCW, whichever is later.
No Performance Bond. In lieu of the Contractor providing a performance bond in the name of the District for the full contract amount as required by Chapter 39.08 RCW, the Contractor has elected to have the District retain 50% of the contract amount for a period of 30 days following final acceptance of the work by the District or until receipt of all necessary releases from the State Department of Revenue and the State Department of Employment Securities, have been received and settlement of any liens filed under Chapter 60.28 RCW, whichever is later.
No Performance Bond. Because this contract, including applicable sales tax, is less than $35,000, and pursuant to Chapter