PAYMENT & PERFORMANCE BONDS a. NCORR through CM will require Contractor to furnish a payment bond executed by a surety company authorized to do business in North Carolina. The bond shall be in the full contract amount. The bond shall be executed in the form as required by NCORR. Payments bonds will be required for major replacement projects.
PAYMENT & PERFORMANCE BONDS. (a) At execution of the DBA, the Design-Builder shall furnish and maintain a performance bond and a payment bond, each in an amount at least equal to 100% of the agreed NTE Amount for the Preconstruction Phase. (b) Prior to beginning any Construction Work, the Design-Builder shall furnish and maintain one or more performance bonds and one or more payment bonds. The performance bond and the payment bond shall each be in an amount (or, in the case of multiple bonds, shall each be provided in an aggregate amount) at least equal to 100% of the Project GMP as set forth in the Amendment/NTP or, if the Amendment/NTP has not yet been issued, then the Component GMP(s) established pursuant to the applicable Work Package Authorization(s). (c) Each such bond must be issued by a surety company reasonably acceptable to the Authority. Each such company must be listed in the current United States Secretary of the Treasury, Fiscal Service, Circular 570, Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies and rated in the top two categories by two nationally recognized rating agencies or having at least an A minus (A-) or better and Financial Size Category of Class VIII or better rating by A.M. Best and Company. Evidence of the surety company’s rating must be delivered to the Authority with the bonds. (d) The Performance Bond shall be released at the end of the Correction Period. (e) The Payment Bond shall be released at the end of the Correction Period. (f) The Authority may require that the Design-Builder provide a vegetation bond covering sustained growth of established or planted vegetation following Final Acceptance.
PAYMENT & PERFORMANCE BONDS. Universal shall cause the Contractor to deliver to the City performance and payment bonds, prior to commencement of construction of each phase and in a form mutually agreed to Universal and the City, with the penal amount of each bond equal to the applicable contract amount. The surety must be authorized to issue bonds in Florida, must be listed in the most recently issued United States Department of the Treasury’s “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies,” as published in the Federal Register. The City shall be listed as a dual obligee with Universal (as Owner) on each bond. Universal is responsible to diligently comply with its obligations under each bond and to ensure that each bond remains effective during the entire term of construction of the Improvements. If either bond becomes ineffective for any reason, Universal shall ensure that the Contractor, within seven (7) days, substitutes an acceptable surety and provides bonds as described herein. Universal will not begin construction of the Improvements until the City has provided written notice to Universal that it has reviewed and approved the form of the bonds. The aforementioned notice shall be provided by the City to Universal’s representative, Xxxx Xxxxxxxx, by email at the following address: xxxx.xxxxxxxx@xxxxxxxxxxxxxxxx.xxx.
PAYMENT & PERFORMANCE BONDS. Florida Hospital shall require the Contractor to obtain performance and payment bonds, prior to commencement of construction of the Bridge and in a form acceptable to the City, with the penal amount of each bond equal to the contract amount for the Bridge. The Surety must be authorized to issue bonds in Florida, must be listed in the most recently issued United States Department of the Treasury’s “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies,” as published in the Federal Register and is subject to the final approval of the City. The City shall be listed as an obligee on each bond. Florida Hospital shall act diligently to prevent construction liens from being filed on the property necessary for construction or operation of the Bridge. If a lien is filed, Florida Hospital shall take the requisite action to have the lien removed. In the event the Contractor does not carry performance and payment bonds on this project, the Owner will reimburse the Contractor for the cost of providing performance and payment bonds to the City or will provide the bonds directly to the City.
PAYMENT & PERFORMANCE BONDS. Owner shall require the contractor for construction of the Improvements, “Contractor”, to obtain performance and payment bonds, prior to commencement of construction of the Improvements and in a form acceptable to the City with the penal amount of each bond equal to the contract amount for the Improvements. The Surety must be authorized to issue bonds in Florida, must be listed in the most recently issued United States Department of the Treasury’s “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies,” as published in the Federal Register and is subject to the final approval of the City. The City shall be listed as additional obligees on each bond. Owner shall act diligently to prevent construction liens from being filed and if a lien is filed, Owner shall immediately take the requisite action to have the lien removed.
PAYMENT & PERFORMANCE BONDS. Contractor will provide to the District within one (1) week of the full execution of this Agreement a separate performance bond and statutory/public works payment bond, each in the sum of one hundred percent (100%) of the cost of the Work contemplated by this Agreement and the Attachments.
