Performance and Payment Security. 10.2.1 As a condition precedent to Department’s issuance of LNTP1, Design-Builder shall procure and maintain:
Performance and Payment Security. The following provisions set forth financial guarantees that must be met by Contractor. Contractor may choose to meet the requirements of this Section 4.8 by obtaining either the required bonds or an irrevocable letter of credit (Letter of Credit) in an equivalent amount.
Performance and Payment Security. On or before the Financial Closing Date, the Section Developer shall furnish, or cause the D&C Contractor to furnish, the following: a) a performance bond in the form to be set out in the Section P3 Agreement in an amount equal to 100% of the total value of D&C Work (the "Performance Bond"); and b) a payment bond in the form to be set out in the Section P3 Agreement in an amount equal to 100% of the total value of D&C Work (the "Payment Bond").7 Each of the Performance Bond and the Payment Bond must be issued by a surety or an insurance company authorized to issue bonds in the State that is rated in the top two categories by two of the three nationally recognized rating agencies or at least "A-" or better and "Class X" or better according to A.M. Best’s Financing Strength Rating and Financial Size Category. In addition any surety or insurance company issuing such bonds must be listed on the current U.S. Treasury Listing of Certified Companies and the limit of the bond written by such surety or insurance company on any one project must not exceed the approved Underwriting Limitation on the U.S. Treasury list. Each of the Performance Bond and the Payment Bond will name MDOT, MDTA, and the collateral agent as additional obligees, and further provide that each of the Performance Bond and the Payment Bond may be transferred by the Section Developer to MDOT, MDTA, or the collateral agent, as beneficiary, with rights to draw upon or exercise other remedies if MDOT, MDTA, or the collateral agent succeeds to the position of the Section Developer under the Section P3 Agreement. In all contracts with respect to the D&C Work entered into by the Section Developer, the Section Developer shall require its Contractors and suppliers to waive any right to seek a mechanic’s lien against the Section or the Site in consideration for the Section Developer’s provision of the Payment Bond. The Section Developer shall maintain, or cause the D&C Contractor to maintain, each of the Performance Bond and the Payment Bond until the expiry of the GP Defect Remedy Period (subject to step-downs as may be set forth in the Section P3 Agreement). If the Section Developer is required under the terms of the Finance Documents to provide or ensure that a Key
Performance and Payment Security. The Contractor will comply with all performance and payment security requirements as set out in Schedule 11 [Prices and Payment].
Performance and Payment Security. DB Team shall furnish, either P&P Bonds meeting the requirements of this Article 16.2 as performance and payment security for the Work.
Performance and Payment Security. Major Vendor has delivered the Parent Guaranty to Owner as of the Effective Date. No later than the date of the Notice to Proceed, Major Vendor shall deliver to Owner as security for the performance by Major Vendor of the Major Vendor Services and its other obligations under this Agreement and payment of any amounts owed to Owner relating to the Project, the claims based policy of errors and omissions insurance and the Letter of Credit described in Exhibit N. The Parent Guaranty and the claims based errors and omissions policies of insurance described in Exhibit N shall remain in force and effect until the end of the Warranty Period and all of Major Vendor’s obligations hereunder have been satisfied and fulfilled. As long as there are no claims by Owner against Major Vendor relating to the Project as of the Handover Date, the Letter(s) of Credit described in Exhibit N shall be returned by Owner to Major Vendor after the Handover Date within five (5) Business Days after Owner’s receipt of Major Vendor’s written notice to Owner requesting return thereof.
Performance and Payment Security. G.1.1 The Contractor shall furnish and maintain in effect at all times during the Contract Period, a bond to cover performance/payment in a sum equal to the Contract Price.
Performance and Payment Security. Design/Builder shall deliver to the Alamo RMA, and maintain in full force and effect at all times, security for performance of the Development Work as described below (or other assurance satisfactory to the Alamo RMA in its sole discretion).
Performance and Payment Security. 48 16.3 Reserved ................................................................................................................. 48 16.4 Rerserved ................................................................................................................ 48 16.5 Indemnity by DB Team ............................................................................................ 48 16.6 Defense and Indemnification Procedures ................................................................ 51 GEORGIA DEPARTMENT OF TRANSPORTATION – DESIGN-BUILD AGREEMENT P.I. NO. 0012722 - SR 21 AT I-95 DIVERGING DIAMOND INTERCHANGE PROJECT FEBRUARY 20, 2015 Georgia Department of Transportation Volume 1 - DB Agreement
Performance and Payment Security. If required by the City, the Contractor shall be responsible for providing Performance and Payment Security for all Projects in the amount of $ for Performance Security and in the amount of $ for Payment Security. The Performance and Payment Security shall be provided promptly following, but in no event any later than thirty (30) Business Days after, the Contractor’s receipt of the Notice to Proceed.
