Common use of Performance Guaranty Clause in Contracts

Performance Guaranty. If Subcontractor operates as a corporation, limited liability company, partnership or a business entity other than as an individual or sole proprietor, this Subcontract will be signed by the President and Secretary of the corporation, the managing member(s), partners, or other authorized principals of Subcontractor’s company, and the officers, managing member(s), partners, and/ or other principals signing this Subcontract on behalf of the corporation, limited liability company, partnership or other business entity do jointly and severally, guarantee to the Contractor the full and faithful performance of this Subcontract by Subcontractor, and do further agree, jointly and severally, that they shall be personally liable to Contractor for the full and faithful performance of Subcontractor’s obligations under this Subcontract. Failure of Contractor to request a performance bond from Subcontractor shall not affect the obligation assumed by the officers, managing members, partners or other principals signing this Subcontract on behalf of Subcontractor.