Common use of PERFORMANCE AND PAYMENT BOND REQUIREMENTS Clause in Contracts

PERFORMANCE AND PAYMENT BOND REQUIREMENTS. (a) If the Agreement price exceeds $30,000 but does not exceed $150,000, the contractor shall provide either a payment bond or an alternative payment protection method acceptable to and approved by BSA’s PPM Division. If the contract price exceeds $150,000, the Contractor shall furnish performance and payment bonds in the amounts described below with a surety company holding a certificate of authority from the Secretary of the Treasury (see Department of the Treasury Circular 570). Bonds shall be submitted on the forms provided by BSA. Bonds are to be provided within fourteen (14) days after agreement award, and before commencing work. In lieu of a payment or performance bond, the Contractor may furnish a certified check payable to BSA in the amount of one hundred percent (100%) of the bond amount.

PERFORMANCE AND PAYMENT BOND REQUIREMENTS. (a) If the Agreement price exceeds $30,000 25,000 but does not exceed $150,000100,000, the contractor shall provide either a payment bond or an alternative payment protection method acceptable to and approved by BSA’s PPM Division. If the contract price exceeds $150,000100,000, the Contractor shall furnish performance and payment bonds in the amounts described below with a surety company holding a certificate of authority from the Secretary of the Treasury (see Department of the Treasury Circular 570). Bonds shall be submitted on the forms provided by BSA. Bonds are to be provided within fourteen (14) days after agreement award, and before commencing work. , In lieu of a payment or performance bond, the Contractor may furnish a certified check payable to BSA in the amount of one hundred percent (100%) of the bond amount.

PERFORMANCE AND PAYMENT BOND REQUIREMENTS. (a) If the Agreement price exceeds $30,000 25,000 but does not exceed $150,000100,000, the contractor shall provide either a payment bond or an alternative payment protection method acceptable to and approved by BSA’s PPM Division. If the contract price exceeds $150,000100,000, the Contractor shall furnish performance and payment bonds in the amounts described below with a surety company holding a certificate of authority from the Secretary of the Treasury (see Department of the Treasury Circular 570). Bonds shall be submitted on the forms provided by BSA. Bonds are to be provided within fourteen (14) days after agreement award, and before commencing work. In lieu of a payment or performance bond, the Contractor may furnish a certified check payable to BSA in the amount of one hundred percent (100%) of the bond amount.