Performance Surety Sample Clauses
A Performance Surety clause requires one party, typically a contractor or service provider, to furnish a guarantee—such as a bond or letter of credit—ensuring they will fulfill their contractual obligations. This guarantee may be provided by a third-party surety company or financial institution, and it is often triggered if the obligated party fails to perform as agreed. By requiring a performance surety, the clause protects the other party from losses or delays caused by non-performance, thereby allocating risk and providing financial assurance that the contract will be completed as intended.
Performance Surety. 10.8.1 Franchisee shall provide to County within ten (10) days after execution of this Agreement, a cash or surety bond in an amount at least equal to the yearly average of two months gross revenue provided by a Surety Company with a Best rating of "A" or better and licensed to do business in the State of California, conditioned upon the full faithful performance of all covenants and conditions of this Agreement and any extensions or amendments thereto and Chapter 8.12 of the San ▇▇▇▇ Obispo County Code. Said surety bond must be approved by County prior to performance of any work under this Agreement. A certificate of deposit or an irrevocable letter of credit for the required amount from a bank acceptable to County may be provided in lieu of said surety bond.
10.8.2 The bond, letter of credit or other similar instrument shall be issued for a period of not less than one (1) year and Franchisee shall provide a new bond, letter of credit or similar instrument, and evidence reasonable satisfactory to County of its renewability, no less than thirty (30) calendar days prior to the expiration of the bond, letter of credit or other similar instrument then in effect. County shall be notified in writing of any cancellation by the issuer of the bond at least thirty (30) says prior to such cancellation.
10.8.3 Subject to the notice and hearing procedures set forth herein, if County determines that Franchisee has substantially failed to keep and perform any covenant or condition of this Agreement and any extensions or amendments thereto, County may require Surety to perform or may resort to any certificate of deposit or irrevocable letter of credit received in lieu of a bond. In that event, County shall notify the Surety of Franchisee's failure to keep and perform a covenant or condition, as well as the amount of time necessary for performance as determined by County. If the Surety fails to perform, County may perform and assess the Surety on its bond for all costs associated with such performance. The costs of performance may include all labor, equipment, insurance, and any and all other reasonably necessary resources as determined by County to perform the work required under this Agreement.
10.8.4 County shall annually review the adequacy of the amount of the surety bond and increase or decrease the bond in an amount at least equal to the yearly average of two months gross revenue or an amount determined adequate by County. County shall notify Franchisee in writing ...
Performance Surety. 1443 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1444 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1445 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1446 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1447 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1448 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1449 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1450 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1451 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1452 Authority. 1453 1454
Performance Surety. If all Improvements are not complete at the time Developer submits final plat for approval, Developer shall provide the City a performance surety, in an amount determined by the City Engineer for the Improvements and other items specified by the Construction Plans, plats, and plans approved by the Mt. Pleasant Municipal Planning Commission. This performance surety shall secure all performance of all obligations of the Developer under this Agreement. The Performance Surety shall meet all requirements established in subsection 3-1-1.2 of the Subdivision Regulations and secure full compliance with all terms and conditions of this Agreement in whole or in part according to the terms of the performance surety. The performance surety will not be released, except and until there has been full compliance with this Agreement.
Performance Surety. In order to secure Developer’s performance and completion of the Phase 1 Developer-Provided Public Improvements, Developer shall furnish to the City a performance guaranty (“Performance Guaranty”) at the time of the issuance of the building permits, in an amount equal to 125% of the total cost of the Phase 1 Developer-Provided Public Improvements as set forth in Exhibit A (the “Engineer’s Cost Estimate”). Any such Performance Guaranty shall be in the form of Cash Escrow or Irrevocable Letter of Credit in form and substance acceptable to the City in its sole and absolute discretion and insuring the satisfactory completion of the Phase 1
Performance Surety. Within ten (10) calendar days of the award of the Contract, Contractor shall furnish a Faithful Performance Bond and a Labor and Material Payment Bond, each in an amount equal to 100% of the annual Contract amount. Said bonds shall be in the form of the models to be provided by the County and be approved by the County Counsel and Risk Manager of the County Of Orange. Such bonds shall be executed by an admitted surety insurer (authorized to transact surety insurance in California); if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to surety's financial condition from time to time as requested by OC Waste & Recycling, Contractor shall promptly furnish such additional security as may be required by OC Waste & Recycling or the Board of Supervisors from time to time to protect the interests of County and of persons supplying labor or material in the prosecution of the work contemplated by this Contract. Failure to furnish such additional security shall constitute a material breach of the agreement. The Contract shall be signed and returned, together with the bonds and insurance documents, within ten (10) calendar days after the Contract has been awarded by the County of Orange Board of Supervisors. The County shall return the Bond to the Contractor upon successful completion of Contractor’s duties and obligations under this Contract. Submit Bonds to: OC Waste & Recycling ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇., ▇▇▇. ▇▇▇ ▇▇▇▇▇ ▇▇▇, ▇▇ ▇▇▇▇▇ Attn: Purchasing Manager Re: Bonds for Contract No. MA-299-13010437
Performance Surety. Upon execution of this Office Space Lease, ▇▇▇▇▇▇ shall deliver to the CEO, and maintain in effect at all times throughout the Term an irrevocable letter of credit, or such other acceptable surety as first approved in writing by City, in an amount equal to six (6) months of monthly rent, which amount is subject to increase by the CEO. Such guarantee shall be payable without condition to the City and guarantee to the City full and faithful performance of (i) all of the terms and provisions of this Office Space Lease as it may be amended, supplemented or extended and (ii) all obligations and duties under all general rules and regulations adopted by the City or the CEO for the management, operation and control of the Airport as amended or supplemented. All irrevocable letters of credit shall be in a form, and issued by a bank, acceptable to the City.
Performance Surety. The Contractor shall provide a Performance Surety for faithful performance of the agreement to the Town prior to the commencement of this Agreement. The Performance Surety shall be in the form of a Letter of Credit or Performance Bond in the amount of fifty percent (50%) of the annual value of the contract. The Letter of Credit or Performance Bond shall be in a form approved by the Town. The Contractor shall renew the Letter of Credit or Performance Bond, as the case may be, annually on or before April 1st of each year. The renewed Letter of Credit or Performance Bond shall be in the amount of fifty percent (50%) of the annual value of the agreement and shall not expire until after May 31st of the next year. If the Performance Bond or Letter of Credit is not renewed as specified, the Town reserves the right to, and may at its discretion, hold back payments to the Contractor and/or terminate the contract forthwith. All incidents involving residents and the Contractor, or the Contractor’s employees shall be reported to the Manager of Legislative Services and Clerk immediately. All residential waste set out for collection becomes the property of the Town. The Contractor shall ensure that no employee scavenges, claims or possesses any waste collected unless authorized to do so by the Town. Monthly Payments The Contractor shall submit invoices to the Town on a monthly basis for Services undertaken as per the attached Pricing Summary Schedule attached hereto. Annual Price Adjustment The unit prices set out in the RFP shall apply for the period June 01, 2022 to May 31, 2023 inclusive. The unit prices shall be adjusted effective June 01 each successive year until the end of the contract. Adjustment of unit prices will be based on the Consumer Price Index, as published by Bank of Canada. In Witness Whereof, the parties hereto have executed this Agreement as of the Effective Date. Windsor Disposal Services Limited The Corporation of the Town of Essex ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ 33 Talbot Street South Windsor, Ontario N8W 5H8 Essex, Ontario N8M 1A8 Signature of person authorized to Mayor Bind the Corporation Clerk Pricing Summary Sheet
Performance Surety. If the Developer desires that the final plat be approved and executed prior to the completion and final acceptance of the Project, Developer must provide to the City surety in the form of an irrevocable letter of credit, bond, or a cash deposit in an amount set by the Department based upon the construction cost estimate, prepared by the Developer’s Engineer for the Project, as approved by the Department. The surety shall remain in force through the completion of the work and shall extend for a period of 36 months after the completion of the work, except that the City may release a portion of the surety during the warranty period established herein; provided however, that the surety retained for such warranty period will not be less than as follows:
1.) If improvements are within a private street or development, where easements will be dedicated, or if the sewer mains are greater than 12 feet deep the surety shall be no less than 25% of the total estimated construction costs if providing a letter of credit or 35% if providing a bond;
2.) If improvements are within a public street or right of way, the surety shall be no less than 15% of the total estimated construction costs if providing a letter of credit or 25% if providing a bond; and
3.) In any event, surety shall be no less than $10,000.
Performance Surety. In order to secure Developer’s performance and completion of the Developer-Provided Public Improvements, Developer shall furnish to the City a performance guaranty (“Performance Guaranty”) in an amount equal to 125% of the total cost of the Developer- Provided Public Improvements set forth in the City approved cost estimate. Developer shall submit to the City, in conjunction with its submission of the Plans, a proposed cost estimate stamped and sealed by a licensed, professional engineer for all Developer-Provided Public Improvements for Phase I of the Project, within the timeframe specified in Section 2.2, below. Upon approval of the Plans, the City approved cost estimate for all Developer-Provided Public Improvements for Phase I of the Project will be attached to this document as Exhibit C and shall be incorporated herein by this reference (the “Engineer’s Cost Estimate”). Any such Performance Guaranty shall be in the form of a cash escrow, irrevocable letter of credit, or subdivision improvements performance bond in form and substance acceptable to the City in its sole and absolute discretion, ensuring the satisfactory completion of the Developer-Provided Public Improvements. The Performance Guaranty will be provided to the City at the date upon which the City approves the Plans pursuant to Section 2.2, and shall be kept in full force and effect until Developer completes the work and the City issues the Certificate of Initial Acceptance for all Developer-Provided Public Improvements. The City shall release any such Performance Guaranty upon Initial Acceptance, less amounts the City may retain as set forth in Section 2.11* to guarantee Developer’s fulfillment of its repair or replacement obligations as set forth in Section 2.11.*
Performance Surety. (a) To provide and maintain surety satisfactory to the City in an amount sufficient to ensure the Developer’s performance under this Agreement and in accordance with Section 31-512 of the Unified Development Ordinance.
(b) To provide surety that shall be maintained in the form of a cash escrow, an irrevocable letter of credit, or performance bond in the amount of $ and shall be in a form approved by the City Attorney.
(c) To renew surety as required to complete work not completed or accepted within the time specified in Section 1 of this agreement. A new engineer’s cost estimate shall serve as the basis for determining the surety amount.
(d) To deliver surety to the City with the execution of this Agreement.
(e) To provide a new surety instrument the event all Improvements are not completed ninety (90) days prior to the expiration date of the surety, no later than sixty (60) days prior to the expiration date. Should the Developer fail to replace the surety within this time period, the Developer shall be deemed to be in default.
(f) To provide surety in the amount of 110% of the estimated cost of traffic signal installation if a signal is included in the development. The surety shall be provided and maintained in the form of a cash escrow, an irrevocable letter of credit, or performance bond and shall be in a form approved by the City Attorney and shall be delivered to the City upon execution of this agreement.