Performance Bond Requirement Clause Samples
Performance Bond Requirement. When applicable, the successful bidder shall provide the CE with a performance bond in the amount of ten (10) percent of the contract price for contract(s) that total over $250,000. The FSMC must obtain the performance bond from a surety company listed in the current Department of the Treasury Circular 570. The FSMC may not obtain any “alternative” form(s) of performance bond, including but not limited to cash, certified checks, letters of credit, or escrow accounts. The performance bond must be furnished to the CE within ten days of the awarding of the contract.
Performance Bond Requirement. The District reserves the right to require the Developer to furnish the District a performance bond between the Developer (or the Developer’s Contractor) and the District upon the form included in this Contract and in an amount equal to the Engineer's estimated cost of the project, or actual cost if known, prior to the contractor’s pre-construction conference with the District. Typically, the bond will be required if other properties or District obligations are or may be affected by the Developer’s timely performance.
Performance Bond Requirement. The Performance Bond requirement has been waived.
Performance Bond Requirement. A Performance Bond must be submitted to the County by the successful responder (“Contractor”) once it has been awarded the contract. The Performance Bond insures that the project will be completed even if the prime Contractor defaults or abandons the project. A Performance Bond guarantees contract performance by the Contractor, according to the contract specifications, terms and conditions. The Performance Bond requirement helps assure that the Contractor provides suitable evidence of its financial condition and ability to complete the project without financial difficulty. For all contracts submitted with costs exceeding twenty-five thousand dollars ($25,000.00), a Performance Bond in the amount of one hundred percent (100%) of the contract price must be submitted by the Contractor with the proposed contract to the County. Failure to satisfy this Performance Bond requirement will result in the Contractor being considered non-responsive and possibly removed from consideration for award of future County contracts. Performance Bond guaranty options are discussed below.
Performance Bond Requirement. If this is Licensee's first pole attachment agreement with Utility, then, upon execution of this Agreement, Licensee shall provide to Utility a performance bond in the amount of . The bond shall be with an entity and in a form acceptable to Utility. Licensee shall maintain the bond for the first two (2) years of this Agreement. The purpose of the bond is to ensure Licensee's performance of all of its obligations under this Agreement and for the payment by Licensee of any claims, liens, taxes, charges or fees due to Utility which arise by reason of the construction, operation, maintenance or removal of Licensee's Communications Facilities on or about Utility's Poles. Utility may, at its option, waive the performance bond when warranted based on Licensee’s prior performance.
Performance Bond Requirement. The Contractor agrees to secure a Performance Bond in an amount equal to 100% of the contract value on a bond form approved by the Client for delivery to the Client on or before the effective date of this Agreement. The bond must be placed with a licensed surety company which is listed in the Federal Register, Department of the Treasury, Dept. Circular 570, Current Revision, and fall within the surety company’s underwriting limitation or comply with Note B of the Circular, and be licensed to executive surety bonds in the state where the Services are to be performed and in the State (or Commonwealth) of __________.