Performance bond liability Clause Samples
A performance bond liability clause defines the obligations and responsibilities of a surety or guarantor in the event that the contractor fails to fulfill their contractual duties. Typically, this clause outlines the circumstances under which the bond can be called upon, the maximum amount recoverable, and the process for making a claim against the bond. By clearly allocating financial risk and providing a mechanism for compensation if the contractor defaults, this clause ensures that the project owner is protected against losses resulting from non-performance.
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Performance bond liability. Any performance bond issued for a site or system will cease one (1) year from the completion of construction. If a warranty or guarantee is provided under the terms of this Agreement, the balance of any warranty or guarantee beyond one year term of the applicable performance bond shall continue to be guaranteed solely by Seller under the terms of this Agreement. The performance bond does not guarantee any property restorative requirements.
Performance bond liability. Any performance bond issued for a site or system will cease one (1) year from the completion of construction. If a warranty or guarantee is provided under the terms of this Agreement, the balance of any warranty or guarantee beyond one year term of the applicable performance bond shall continue to be guaranteed solely by Lessor under the terms of this Agreement. The performance bond does not guarantee any property restorative requirements. Payment bond liability. Any payment bond issued will cease at the termination of any time required by law. Performance Guarantee. Neither payment bonds, whether for labor or materials, nor performance bonds are applicable to any specified performance guarantee. In accordance with the provisions of [________]. notice is hereby given of that Solar Power Purchase Agreement dated as of [_________] for purchase and sale of electrical energy (the “Solar Agreement”), such Solar Agreement includes the grant of License to Lessor, pursuant to the terms of the Solar Agreement. This notice may be executed in counterparts by the Parties to the Solar Agreement. Parties to the Agreement: Lessor: [_______] [_______] [_______] Lessee : [_______] [_______] [_______] Date of Execution of Solar Agreement: [_______] Description of Premises: See Exhibit 5, Attachment A TERM OF AGREEMENT: The term of the Agreement shall be until the last day of the calendar month in which the twentieth (20th) anniversary of the Commercial Operation Date (as that term is defined in the Agreement) occurs, subject to any Additional Terms or early termination pursuant to the terms of the Agreement.
Performance bond liability. Any performance bond issued for a site or system will cease one (1) year from the completion of construction. If a warranty or guarantee is provided under the terms of this Agreement, the balance of any warranty or guarantee beyond one year term of the applicable performance bond shall continue to be guaranteed solely by Lessor under the terms of this Agreement. The performance bond does not guarantee any property restorative requirements. Payment bond liability. Any payment bond issued will cease at the termination of any time required by law. Performance Guarantee. Neither payment bonds, whether for labor or materials, nor performance bonds are applicable to any specified performance guarantee. Exhibit 4 Attachment A Termination Payment In accordance with the provisions of [ ]. notice is hereby given of that Solar Power Purchase Agreement dated as of [ ] for purchase and sale of electrical energy (the “Solar Agreement”), such Solar Agreement includes the grant of License to Lessor, pursuant to the terms of the Solar Agreement. This notice may be executed in counterparts by the Parties to the Solar Agreement. Parties to the Agreement: Lessor: [ ] [ ] [ ] Lessee : [ ] [ ] [ ] Date of Execution of Solar Agreement: [ ] Description of Premises: See Exhibit 5, Attachment A TERM OF AGREEMENT: The term of the Agreement shall be until the last day of the calendar month in which the twentieth (20th) anniversary of the Commercial Operation Date (as that term is defined in the Agreement) occurs, subject to any Additional Terms or early termination pursuant to the terms of the Agreement.
Performance bond liability. If the Surety elects to act under Sections 4.2.1, 4.2.3 or 4.2.4, the Surety’s total liability shall not exceed the Bond Amount.
4.5.1 The Surety shall not be liable to the Owner or others for obligations of the Design-Builder that are unrelated to the Design-Build Agreement, and the Contract Balance shall not be reduced or set off on account of any such unrelated obligations.
Performance bond liability. Any performance bond issued for a System will cease one (1) year from the completion of construction of the System. If a warranty or guarantee is provided under the terms of this Agreement, the balance of any warranty or guarantee beyond one year term of the applicable performance bond shall continue to be guaranteed solely by Seller under the terms of this Agreement. The performance bond does not guarantee any property restorative requirements. Payment bond liability. Any payment bond issued will cease at the termination of any time required by law. Performance Guarantee. Neither payment bonds, whether for labor or materials, nor performance bonds are applicable to any specified performance guarantee.