Performance Bond and Labor and Material Payment Bond. Prior to the Construction Commencement Date, the CM shall obtain for the benefit of and directed to the Owner, a labor and material payment and performance bond, satisfying the requirements of Section 255.05, Florida Statutes, covering the faithful performance by the CM of its obligations under this Agreement, including but not limited to, the construction of the PROJECT on the Project Site, and the payment of all obligations arising thereunder, including all payments to subcontractors, laborers and materialmen (the "Payment and Performance Bond"). The surety selected by the CM to provide the Payment and Performance Bond shall be approved by the Owner prior the issuance of such Bond, which approval shall not be unreasonably withheld.
Performance Bond and Labor and Material Payment Bond. A Performance Bond and a Labor and Material Bond in a form satisfactory to the Contractor shall be furnished in the full amount of this Agreement, if required by the Contractor. This obligation shall continue throughout the Agreement and may be required at any time during the performance of Subcontractor's Work by a change under Article 4.
Performance Bond and Labor and Material Payment Bond. The Subcontractor shall furnish at Subcontractor’s expense a Performance Bond and a Payment Bond, each in the full amount of this Subcontract. The bond forms shall be in accordance with Schedules F, G and H of Exhibit II and shall be subject to Owner’s and Contractor’s approval for adequacy of protection and the satisfactory character of the surety. The surety shall have an A.M. Best rating of B+, VII or better. The failure of the Subcontractor to furnish required bonds within ten (10) days after having been given notice by Contractor shall constitute a material failure to perform this Subcontract giving rise to a termination for default pursuant to Article 10 herein.
Performance Bond and Labor and Material Payment Bond. 10.5.1 The Contractor shall furnish performance and labor and material payment bonds covering the faithful performance of the Contract and the payment of all obligations arising thereunder in such form and amount as the Owner may prescribe and with such sureties as may be agreeable to the Owner. The premiums shall be paid by the Contractor. The Contractor shall, prior to commencement of the Work, submit such bonds to the Owner.
Performance Bond and Labor and Material Payment Bond. 7.5.1 Upon execution of the Contract Documents, the Contractor shall furnish to the City a Performance Bond and a Labor and Material Payment Bond, acceptable to the City and underwritten by a surety authorized to do business in the state of South Carolina, each in an amount equal to the Contract Sum for each bond. The bonds shall guarantee the Contractor's faithful performance of the Contract and payment of all obligations arising thereunder. The bonds shall remain in force until the Work has been completed and accepted by the City, the provisions of all guarantees required by these Contract Documents have been fulfilled and the warranty periods have expired, or the period for filing mechanics' liens has expired, whichever occurs latest, after which time the bonds shall lapse. The Contractor shall bear all costs in connection with the bonds as a part of the Contract. One executed copy of each bond shall be attached to each executed copy of the Contract Documents prior to the execution of the Contract Documents by the City.
Performance Bond and Labor and Material Payment Bond. 6.1 Performance Bond, Labor and Material Bond are not required with this Agreement.
Performance Bond and Labor and Material Payment Bond. Contractor shall provide District with a performance bond and a labor and materials payment bond for all works above twenty-five thousand dollars ($25,000) according to Civil Code section 3247 and 3248. The performance bond shall be in an amount of one hundred percent (100%) of the Contract Sum insuring the faithful performance of the Agreement. The labor and material payment bond shall be in an amount of one hundred percent (100%) of the Contract Sum to insure the payment of all obligations incurred by Contractor in connection with the work of the Agreement. The bonds shall be in such form as District may prescribe and with such sureties as may be agreeable to the parties. Contractor shall deliver the labor and material payment bond and the performance bond at the time of the execution of this Agreement.
Performance Bond and Labor and Material Payment Bond. A 100% performance and payment bonds may be required for this bid for the first year of the contract in an amount reflecting the value of the “base bid” for the first full year of services. The cost for these bonds shall not be included in the base bid, but shall be listed on the bid form as a separate price which the School District may or may not elect to award. The Bond must be issued by a properly licensed commercial surety having a “Best” rating of A- or better. Bids which do not include a cost for a first year optional proper performance and payment bonds or prior approved letter of credit will NOT be considered. Xxxxxxx Community School District 158 will consider proposals to provide an institutional letter of credit in lieu of a performance and payment bonds. Such proposals must include disclosure of the terms of the letter of credit for review and consideration by Xxxxxxx Community School District 158. Under no circumstances shall Xxxxxxx Community School District 158 be obligated to accept a letter of credit rather than proper performance and payment bonds.
Performance Bond and Labor and Material Payment Bond. Bonds covering the faithful performance of the Contract and the payment of all obligations arising hereunder, each in the amount of one hundred percent (100%) of the GMP, shall be submitted to the Owner together with the executed Owner Design-Build Agreement, within ten (10) days after issuance of Letter of Intent to Award Contact. The cost of the bonds shall be included in the Cost of the Work. The Contractor shall deliver the required bonds to the Owner as a pre-condition to the Owner issuing the Notice to Proceed. The Attorney-in-Fact who executes the bonds on behalf of surety shall affix thereto a certified and current copy of his Power of Attorney. The format provided by the Owner must be used as the format for the Performance and Payment Bonds. Subcontractors are not required to be bonded and no subcontract bond shall be part of this Agreement without the prior approval of the Owner. If the Contractor still wishes to bond subcontractors, it may do so at its own cost. That cost shall not be passed along in any form to the Owner as part of the GMP.
Performance Bond and Labor and Material Payment Bond. 9.1 If Subcontractor has not been required to furnish a Performance Bond and Labor and Material Payment Bond or if Contractor desires that Subcontractor furnish such bond coverage, Contractor may, at any time upon written request, instruct Subcontractor to provide such bonds for the full amount of this subcontract within ten (10) calendar days in a form and from a surety acceptable to Contractor. In this event, Contractor will reimburse Subcontractor the amount of the bond cost. Subcontractor’s obligation to provide such bonds shall continue throughout the term of this agreement and in the event that Contractor becomes concerned about Subcontractor’s ability to continue performance and/or to satisfy the requirements and obligations imposed by the Contract Documents, Contractor may demand other assurances, in a form acceptable to Contractor in its sole discretion, from Subcontractor that future performance of this Subcontract will be satisfactory and in accordance with the Contract Documents. Failure to comply with such a demand within ten (10) calendar days of receipt of the demand shall entitle Contractor to terminate this Subcontract for default.
