Common use of Performance Bond Requirements Clause in Contracts

Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the Hoosier Care Connect program. The State reserves the right to increase the financial responsibility requirements set forth in this section if enrollment levels indicate the need to do so. In the event of a default by the Contractor, the State must, in addition to any other remedies it may have under the Contract, obtain payment under the performance bond or other arrangement for the purposes of the following:  Reimbursing the State for any expenses incurred by reason of a breach of the Contractor’s obligations under the Contract, including, but not limited to, expenses incurred after termination of the Contract for reasons other than the convenience of the State.  Reimbursing the State for costs incurred in procuring replacement services.

Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the Hoosier Care Connect program. The State reserves the right to increase the financial responsibility requirements set forth in this section if enrollment levels indicate the need to do so. In the event of a default by the Contractor, the State must, in addition to any other remedies it may have under the Contract, obtain payment under the performance bond or other arrangement for the purposes of the following:  • Reimbursing the State for any expenses incurred by reason of a breach of the Contractor’s obligations under the Contract, including, but not limited to, expenses incurred after termination of the Contract for reasons other than the convenience of the State.  • Reimbursing the State for costs incurred in procuring replacement services.

Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the Hoosier Care Connect program. The State reserves the right to increase the financial responsibility requirements set forth in this section if enrollment levels indicate the need to do so. In the event of a default by the Contractor, the State must, in addition to any other remedies it may have under the Contract, obtain payment under the performance bond or other arrangement for the purposes of the following:  ▪ Reimbursing the State for any expenses incurred by reason of a breach of the Contractor’s obligations under the Contract, including, but not limited to, expenses incurred after termination of the Contract for reasons other than the convenience of the State.  ▪ Reimbursing the State for costs incurred in procuring replacement services.

Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the Hoosier Care Connect program. The State reserves the right to increase the financial responsibility requirements set forth in this section if enrollment levels indicate the need to do so. In the event of a default by the Contractor, the State must, in addition to any other remedies it may have under the Contract, obtain payment under the performance bond or other arrangement for the purposes of the following:  ▪ Reimbursing the State for any expenses incurred by reason of a breach of the Contractor’s obligations under the Contract, including, but not limited to, expenses incurred after termination of the Contract for reasons other than the convenience of the State.  ▪ Reimbursing the State for costs incurred in procuring replacement servicesservic es.