Performance Bond and Payment Bond. The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.
Performance Bond and Payment Bond. The Contractor shall, before commencing the Construction Phase, provide to the Department a payment bond and performance bond, each with a penal sum equal to the full value of the Lump Sum Price. Such bond shall remain in full force and effect until Final Completion is achieved and the Department shall be able to draw upon such bond regardless of the amount paid by the Department to the Contractor, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. All bonds must be in a form acceptable to the Department, its lenders or bond trustee, and issued by a surety authorized to do business in the District of Columbia and bonding company listed on the United State Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor and the Department as dual obligees. If the Lump Sum Price is increased pursuant to the terms of the Contract, the Department may require that the amount of the bonds be increased in the amount of one hundred percent (100%) of the increase, and the Contractor shall promptly comply. The Contractor shall furnish a copy of its bonds to any potential beneficiary of the bonds, or permit that person or company to make a copy. If the bonds provided become unacceptable to the Department, the Contractor shall promptly provide substitute security acceptable to the Department. If the Contractor intends to exercise its rights as dual obligee under any trade Subcontractor’s bond, it shall first give the Department twenty (20) days written notice, so that the Department may lodge any objection it may reasonably have to the proposed action.
Performance Bond and Payment Bond. 11.4.1 The Owner shall have the right to require the Contractor to furnish bonds covering faithful performance of the Contract and payment of obligations arising thereunder as stipulated in bidding requirements or specifically required in the Contract Documents on the date of execution of the Contract.
Performance Bond and Payment Bond. 11.5.1 The Contractor shall furnish bonds covering faithful performance of the Contract and payment of obligations arising thereunder as stipulated in bidding requirements or specifically required in the Contract Documents on the date of execution of the contract. The amount of each bond shall be equal to one hundred percent (100%) of the Contract sum.
Performance Bond and Payment Bond. The CM/GC shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.
Performance Bond and Payment Bond. The contractor shall execute Performance and Payment Bonds on a form acceptable to the Owner covering the faithful performance and completion of the Agreement and the payment of all obligations arising there under.
Performance Bond and Payment Bond. The Contractor shall provide surety bonds, from a company or companies lawfully authorized to issue surety bonds in the jurisdiction where the Project is located, as follows: (Specify type and penal sum of bonds.) Type Penal Sum ($0.00) Payment Bond Performance Bond Payment and Performance Bonds shall be AIA Document A312™, Payment Bond and Performance Bond, or contain provisions identical to AIA Document A312™, current as of the date of this Agreement.
Performance Bond and Payment Bond. Contractor shall provide a performance bond and a payment bond as required by the Contract prior to start of Work.
Performance Bond and Payment Bond. 24.1 The Design-Builder will furnish a Statutory Payment Bond and a Common Law Performance Bond (Bonds) for the full and faithful performance of the Work, meeting the standards specified herein, on the bond forms attached to this Contract as Attachment 2, with a certified Power of Attorney Affidavit attached, each in the full amount of the GMP Contract Sum.
Performance Bond and Payment Bond. The Contractor shall furnish the Owner a performance bond and a payment bond each in the penal sum of Dollars ($ ) as required by and in accordance with the terms of the General Conditions. Each bond shall name Owner as Obligee.
