Performance/Payment Bond. Unless otherwise specified in any Special Conditions, CONTRACTOR shall furnish a performance bond and payment bond each in the amount equal to 100% of the Contract amount. The performance bond shall guarantee the prompt, competent and faithful performance of all terms and conditions of the Contract. The payment bond shall be for 100% of the Contract amount and guarantee, without limitation, the payment in full of all claims for labor, services, materials, supplies, and the like, for the Work as required by Civil Code §§ 9550 and 9554. All bonds shall be provided by an admitted surety insurer acceptable to the DISTRICT, in its absolute discretion. Personal sureties and unregistered sureties are unacceptable. A corporate surety authorized and admitted to transact business in California shall provide the bonds. The bonds shall be in the form set forth in these Contract Documents, and shall also contain all other requirements prescribed by Applicable Law. CONTRACTOR shall supply DISTRICT with documentation establishing the necessary requirements of the surety consistent with California law. To the extent, if any, the Contract amount is increased in accordance with the Contract Documents. CONTRACTOR shall cause the amount of the bonds to be increased accordingly and shall promptly deliver satisfactory evidence of such increase to DISTRICT. The bonds shall further provide no change or alteration of the Contract Documents (including, without limitation, an increase in the Contract amount, as referred to above), adjustment to any milestones and/or Contract time, or modifications of the time, terms, or conditions of payment to the CONTRACTOR will release or exonerate the sureties. If CONTRACTOR fails to furnish the required bonds, or fails to keep such bonds in full force and effect up through such times that such bonds are otherwise required to be in force and effect under the law, DISTRICT may terminate CONTRACTOR’s right to proceed with the Work and/or terminate the Contract for cause.
Performance/Payment Bond. A Contractor may be required to furnish a Performance/Payment Bond as part of the requirements of this Contract, in an amount equal to one hundred percent (100%) of the contract price.
Performance/Payment Bond. I acknowledge and accept that a Performance Bond and Payment Bond will be required upon award of contract for those companies selecting the Level 2 - $25,000 and Level 3 - $50,000 thresholds. Yes (Yes) 8 Contact Name of person submitting this bid: Xxx Xxxxxx
Performance/Payment Bond. Upon written request by Contractor at any time after execution of this Agreement, Subcontractor shall provide a Faithful Performance Bond and a Labor and Materials Payment Bond each with a penal sum equal to 100% of this Subcontract Amount. The bonding company must be listed on the U.S. Department of Treasury Circular #570 and must have a Treasury limit in excess of the bond amount. In addition, the bonding company must be admitted to transact business by the Department of Insurance in the state where the job is located and must have a rating of "A" or better in the current A.M. Best Rating Guide of Insurance Companies. Upon receipt and acceptance of the bonds, Contractor shall promptly reimburse Subcontractor for the actual premium cost of the bonds (including premium costs due to change orders), except as provided elsewhere in this Agreement.
Performance/Payment Bond. The Contractor agrees to furnish Payment and Performance Bond as required by RCW 39.08 in the form set forth in the specifications. Said Payment and Performance Bond shall be effective until the end on the required warranty period.
Performance/Payment Bond. 3.1. At its own expense, if required by Contractor, Subcontractor shall secure and maintain in effect until final acceptance of its Work, 100 percent Performance and Payment Bonds in the full amount of the Contract Price with a corporate surety rated at least AM Best Rated A-. The surety shall be authorized to do business in every state in which Work is to be performed. Said bond shall be on a form acceptable to Contractor. Contractor shall be presented sufficient evidence prior to the commencement of Work herein that said bond has been secured.
Performance/Payment Bond. Contractor shall execute and deliver to the City a Performance and Payment Bond with the corporate surety in the sum of $40,000 or equal (“equal” may include a Letter of Credit from a banking institution approved by the City). This agreement shall not become effective until such a bond, in a form acceptable to the City, has been delivered to the City and approved by the City Attorney. The executed contract shall be subject to termination by the City at any time if said bond shall be cancelled or the surety thereon relieved from liability for any reason. The term of such performance bond shall be for the life of the executed contract. Extensions or renewals shall require the execution and delivery of a performance bond in the above amount to cover the period of extension or renewal.
Performance/Payment Bond. The Contractor shall provide a payment and performance bond for the Project with a surety acceptable to Owner in the full amount of the Agreement Sum for the Modernization Work, including all adjustments made according to Clause 14. A copy of the surety form is attached as Exhibit C. The surety and Contractor will be jointly and severally liable for the Contractor’s failure to complete the Agreement according to its terms.
Performance/Payment Bond. At such time as Contractor enters into this Contract, Contractor shall provide a performance and labor and materials payment bond in an amount that equals the Contract compensation as security for the faithful performance and payment of all Contractor’s obligations under this Contract. The amount of the bond shall be increased for each change order in an amount that equals the amount of the change order. The bond shall be in a form that is acceptable to the City’s attorney. The surety shall be licensed to conduct business in the State of Washington and shall be named in the current list of “Surety Companies Acceptable in Federal Bonds” as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S.
Performance/Payment Bond. Within 15 business days of the signature of the contract, the SELECTED VENDOR, unless expressly waived by the TOWN, shall at its own cost and expense, furnish to the TOWN a Performance / Payment Bond, or a similar guarantee, such as a letter of credit, acceptable to the TOWN in a sum equal to 100% percent of the total contract price. The Performance / Payment Bond shall be valid for the entire period of the contract and for at least 90 days after the expiration date of the contract.
