Common use of Performance and Payment Bond Clause in Contracts

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. 1. Before award of the Contract, the Design-Builder Contractor 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.