Performance Bonds Clause Examples
A Performance Bonds clause requires a contractor or service provider to obtain a financial guarantee, typically from a bank or insurance company, ensuring that they will fulfill their contractual obligations. This bond acts as a security for the project owner, who can claim compensation if the contractor fails to complete the work as agreed. By mandating performance bonds, the clause protects the project owner from financial loss due to non-performance or default, thereby allocating risk and promoting accountability in contractual relationships.
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Performance Bonds. Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.
Performance Bonds. The Contractor is responsible for obtaining performance bonds when required by the Purchaser.
Performance Bonds. The Municipality shall provide, or cause to be provided, performance bonds assuring the performance of the work to be performed under all construction contracts entered into with respect to the Project. All performance bonds required hereunder shall be issued by independent surety companies authorized to transact business in the State.
Performance Bonds. Performance bonds as required in the ordinary course of Borrower's business.
Performance Bonds. Notwithstanding any provisions in this Agreement or any Individual Employment Contract signed by an Employee, the Employer agrees that no Employee shall be required to start work prior to the signing of a Letter of Adherence with the Council, accompanied by the appropriate Performance Bond to guarantee wages and other moneys due and payable, in the amounts of:
Performance Bonds. Unless the con- tracting officer determines that a less- er amount is adequate for the protec- tion of the Government, the penal amount of performance bonds must equal—
(i) 100 percent of the original con- tract price; and
(ii) If the contract price increases, an additional amount equal to 100 percent of the increase.
Performance Bonds. Provide performance bonds, in form and content acceptable to Agent, for construction and related contracts upon request by Agent.
Performance Bonds. The Contractor shall obtain a performance bond in the amount indicated to the right. For Performance Bond Form see Attachment 2b. N/A PART G ARTICLE 27 PAYMENT BONDS The Contractor shall obtain a payment bond in the amount indicated to the right. For Payment Bond Form see Attachment 2a. N/A
Performance Bonds. On the Closing Date, the Agent shall be reasonably satisfied that the Borrower will be able to service and maintain any performance bonds that may be required in the ordinary course of business on reasonable terms and conditions.
Performance Bonds. (Standard Form 25). The penal amount of performance bonds at the time of contract award shall be 100 percent of the original contract price.