Common use of PERFORMANCE / BID BOND Clause in Contracts

PERFORMANCE / BID BOND. The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

PERFORMANCE / BID BOND. The Commissioner reserves the right to require a Bidder or Contractor to furnish, furnish without additional cost, a performance, payment or Bid bond, bond or negotiable irrevocable letter of credit, credit or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.