Payment and Performance Bond. Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.
Payment and Performance Bond. Prior to commencing work Contractor shall execute and deliver to County a payment and performance bond, or other adequate surety acceptable to the County, for 100% of the bid amount.
Payment and Performance Bond. The CONTRACTOR shall submit, upon execution of this agreement, a surety bond, or bonds, as security for faithful performance of the contract and for the payment of all firms or persons performing labor or furnishing materials for the work performed under the contract. The surety on such bond, or bonds, shall be a surety company satisfactory to the CITY.
Payment and Performance Bond. Contractor shall provide Owner with a Payment and a Performance Bond in the amount of the Contract Price within ten (10) days of the Notice of Award of Contract. Failure to provide the bond(s) shall result in this Agreement becoming null and void. No action on the part of the Owner shall be deemed to waive this requirement except a written amendment to this Agreement. Said bonds shall be in substantially the same form as in Section 255.05, Florida Statutes. Additionally, bonds must meet the following specifications: • The surety company shall have a currently valid Certificate of Authority issued by the State of Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida and be doing business in the State of Florida • The surety company shall have a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 and 9308, Title 31, of the United States Code. • The surety company shall be in full compliance with the provisions of the Florida Insurance Code • The surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued; and • The surety company shall have at least a Policy Holding's Rating of "A-” and Financial Rating of VI in the latest issue of ‟Best's Key Rating Guide”. Alternative forms of security as described in Section 255.05, Florida Statues, are acceptable where approved by the Owner in writing.
Payment and Performance Bond. The Contractor shall, at the time of their execution of the contract, furnish a corporate bond in the sum equal to the contract amount. The form of the bond shall be as the owner may prescribe and with a surety company authorized to do business in the states where the work is located.
Payment and Performance Bond. The cost of the additional premium for Design-Builder’s bond arising directly from the changed Work. The cost of any change in insurance or bond premium shall be added after overhead and allowance for profit are calculated in accordance with subparagraph g. and h above.
Payment and Performance Bond. The cost (expressed as a percentage) of the change in the Contractor’s premium for the Contractor’s bond arising directly from the changed Work. Upon request, the Contractor shall provide the Owner with supporting documentation from its insurer or surety of any associated cost incurred.
Payment and Performance Bond. Payment and performance bonds for 100% of the Contract Sum, including all Change Orders and state sales tax, shall be furnished for the Work, and shall be in a form acceptable to the Owner. No payment or performance bond is required if the Contract Sum is $35,000 or less and Contractor agrees that Owner may, in lieu of the bond, retain 50% of the Contract Sum for the period allowed by RCW 39.08.010.
Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans in writing and Lessee obtains building permits consistent with the Plans, but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building Code. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements described in Exhibit E naming the Lessor as the owner/obligee, and the Lessee or Lessee’s general contractor, as the principal guaranteeing the payment and performance of Lessee’s obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or Lessee’s general contractor will:
Payment and Performance Bond. Upon notice of award, when the contract amount exceeds $100,000, the Contractor shall execute and deliver to the County the Payment (See: Payment Bond Template) andPerformance Bonds (See: Performance Bond Template) as security for the faithful performance and completion of the Work and payment for all materials and labor furnished or supplied in connection with all Work included in the Contract Documents. These Bonds shall be in amounts at least equal to the Contract Amount, shall name the County as obligee, and shall be in such form and by sureties of financial standing having a rating from A.M. Best Company (or other equivalent rating company) equal to or better than A- VI and must be included on the approved list of sureties issued by the United States Department of Treasury. Prior to execution of the Contract Documents the County may require the Contractor to furnish such other Bonds, in such form and with such sureties as it may require. If such Bonds are required by written instructions given prior to opening of Bids, the premium shall be paid by the Contractor. If the Contract Amount is increased by Change Order, the Contractor shall insure that the Payment and Performance Bonds be amended accordingly and a copy of the amendment is forwarded to the County. The Contractor shall record the payment and performance bonds in Orange County public records as required by Florida Statutes, Chapter 255.05. Before commencing the work the Contractor shall provide to the Manager of the Procurement Division a certified copy of the recorded bonds. No payment will be made to the contractor until the contractor has provided a copy of the recorded bonds. If the Surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in any State where any part of the Work is located or it ceases to meet the requirements imposed by the Contract Documents, the Contractor shall within five (5) days thereafter substitute another Bond with another Surety both of which shall be acceptable to the County.
