Penal Sum Clause Samples
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Penal Sum. The Progressive Contractor shall maintain the payment and performance obligations of the Surety Bonds in full force and effect until issuance of the Notice of Final Acceptance. The Surety Bonds shall list the Department as an obligee and shall be provided by a qualified surety. The Surety Bonds shall be provided by an Eligible Surety. If any Surety Bond becomes ineffective, or if the Surety that provided the Surety Bond no longer is an Eligible Surety, the Progressive Contractor shall, within seven days after such event, deliver to the Department a replacement bond in the required form issued by an Eligible Surety, or other assurance satisfactory to the Department, in its sole discretion. All appointments of attorneys-in-fact shall contain a provision that the appointment will not be revoked without giving the Department notice in writing at least 30 Days prior to the effective date of the revocation. More than one surety may execute a Surety Bond to meet the requirements of this 28.2, and, in such event when two or more sureties are provided on such bond, each surety shall be liable and obligated for the full amount required. The Department reserves the right to copy the Surety on all of its communications with the Progressive Contractor concerning the Progressive Contractor’s performance, or performance deficiencies, on the Project.
Penal Sum. The Performance Bond shall be in the --------- amount and provide a penalty of one hundred percent (100%) of the cost of the improvements to be constructed as such cost shall be determined by the Developer. The Payment Bond shall be in the amount and provide a penalty of one hundred percent (100%) of the valuation of the improvements to be constructed.
Penal Sum. The amount in which a bond is issued is called the “penal sum,” or the “penalty amount,” of the bond.
Penal Sum. During the Preconstruction Phase, the penal sum of the performance bond and payment bond of the Surety Bonds shall be $[ ].00 [NTD: this figure should correspond to 7% of the estimated total Project design cost]. Prior to commencement of any Construction Work pursuant to a Pricing Package Amendment, the Progressive Contractor shall provide substitute performance and payment Surety Bonds with a penal sum in the amount of the Pricing Package GMP plus the amount of the initial Surety Bonds and all prior Pricing Package Amendment’s Pricing Package GMPs. As condition precedent to each Pricing Package Amendment, the Progressive Contractor shall increase the penal sum of the performance and payment Surety Bonds by the amount of the Pricing Package GMP by providing a rider to the Surety Bonds in a form approved by the Department.
Penal Sum. Penal Sum," as used in this Agreement, shall mean the sum of the Fees plus the estimated cost to install and warrant the Improvements, as such Fees and costs are set forth under the "RECITALS" of this Agreement.
Penal Sum. The most We will pay as the Penal Sum is the applicable limit, as shown below: Limit for Property: USD 71,000.00 (seventy-one thousand dollars) in any one Year Sublimit: Malicious Tenant Damage: USD 10,000.00 (ten thousand dollars) in any one Year Sublimit: Eviction Expenses USD 1,500.00 (one thousand five hundred dollars) in any one Year Date Date Pensio Risk Management Corp. Rentalis Insurance Company, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇, Director ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Managing Director Authorized Signatory of Surety Rentalis Corporate Stamp Words and phrases that appear in boldface are defined on page 1 or in Section II., Definitions, of this Bond. In consideration of the payment of the Principal’s Fees by You and reliance upon all statements made and information provided by You to the Surety, subject to the limitations, conditions, provisions, and other terms of this Bond, it is agreed as follows: If the Principal complies with the Lease Co-Guarantee Agreement's terms, the Surety shall have no obligation under this Bond.