Performance and Payment Bond Sample Clauses

Performance and Payment Bond. Contractor shall post with County, not later than ten (10) days of the execution of this Agreement, a performance and payment bond in the amount of one hundred percent (100%) of the total lump sum price in such form as is satisfactory to County. The bond shall be executed by a corporate surety company duly authorized and admitted to do business in the State of Texas and licensed to issue such a bond in the State of Texas.
Performance and Payment Bond. The Construction Manager shall furnish bonds covering faithful performance of the Contract and payment of obligations arising thereunder. These bonds must be written by an insurance company having an A.M Best Rating of “A-VIII” or better. Bonds may be obtained through the Construction Manager’s usual source and the cost thereof shall be included in the Contract sum. The amount of each bond shall be equal to 100% of the Contract Sum. The Construction Manager shall deliver the required bonds to the Owner not later than three (3) days following the date of School Board approval of the Guaranteed Maximum Price, or if the Work is to be commenced prior thereto in response to a letter of intent, submit evidence satisfactory to the Owner that such bonds will be furnished. The Construction Manager shall require the attorney-in-fact who executes the required bonds on behalf of the surety to affix thereto a certified and current copy of the power of attorney.
Performance and Payment Bond. If Subcontractor is required to furnish a performance and payment bond, Contractor will pay any and all premiums, at cost, due upon such bond unless the specifications provide that Subcontractor must furnish a performance and payment bond, in which event Subcontractor will pay any premiums due upon any bond so required. Proof of bond shall be provided from Surety or Sureties satisfactory to Contractor.
Performance and Payment Bond. 1. Before award of the Contract, the Design-Builder will deliver to the Commission a Performance and Payment Bond in the amount set forth in Book 1. The surety or sureties issuing the bond must be acceptable to the Commission and the bond must be in the form provided by the Commission. The bond must cover the warranty period required by the Contract.
Performance and Payment Bond. The Contractor shall provide the Village with a performance and payment bond in substantially the same form as on Contract Exhibit C (the “Performance and Payment Bond”) prior to Contractor beginning any Work and within 10 calendar days of the Notice of Award sent to the Contractor.
Performance and Payment Bond. Before commencing service under this agreement, Contractor shall furnish to the City a performance and payment bond(s) in the penal sum of thirty thousand dollars conditioned upon the Contractors full and faithful performance of all its obligations under this Agreement and payment when due of all administrative charges and other sums due city under or by virtue of this agreement. The Contractor will be held responsible for renewal of the bond for each successive renewal term of the Agreement. The bond(s) must be executed by a surety company of recognized standing, authorized to do business s in the State of Florida and having a resident agent. The bond shall be signed by a Florida Licensed Resident Agent who holds a current Power of Attorney from the surety company issuing the bond. The surety company shall have a minimum Best’s policy hold rating of “A” and required financing rating of VIII from Best’s key rating guide. Subject bond(s) will cover the entire contract amount.
Performance and Payment Bond. At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof. Such bond shall meet all requirements of applicable law and shall be issued by a surety acceptable to the County, in the form approved by the County, and in an amount equal to one hundred (100%) percent of the estimated project cost, without any deduction therefrom. Failure to provide the required Bond(s) within the aforementioned time frame may result in a termination of this Agreement. Performance and Payment and Material Bonds shall provide that, in the event of non-performance on the part of the Contractor the bond can be presented for honor and acceptance at an authorized representative or institution located in Tallahassee, Florida. The Bond required herein shall be in substantially the following form: PUBLIC CONSTRUCTION BOND Bond No. (enter bond number) BY THIS BOND, We , as Principal and , a corporation, as Surety, are bound to Xxxx County, Florida herein called Owner, in the sum of $ , for payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally. THE CONDITION OF THIS BOND is that if Principal:
Performance and Payment Bond. Unless the Director of DFCM waives this requirement in writing, if the Contract Price equals or exceeds One Hundred Thousand Dollars ($100,000), Contractor shall, prior to the Commencement Date, provide DFCM with a Performance Bond and Payment Bond on AIA Document A312-2010 in the full amount of the Contract Price. Unless otherwise directed in writing by DFCM, Contractor shall email the Performance and Payment Bonds to DFCM at .
Performance and Payment Bond. At the District’s sole discretion, a Performance and Payment Bond in an amount equal to the costs of constructing the Extension, inclusive of all applicable taxes, and in a form acceptable to the District, may be required.
Performance and Payment Bond. Section 5.15.1 As security for the performance of its obligations under this Agreement, Supplier shall, within twenty (20) Business Days of the Effective Date, provide System Owner with a performance bond as well as a labor and material payment bond (collectively, the “Performance and Payment Bond”) from the Performance and Payment Bond Issuer in the amounts and substantially in the form set out in Exhibit I, assuring that the Performance and Payment Bond Issuer shall be responsible to System Owner pursuant to the terms of the Performance and Payment Bond.