Common use of Replacement Bond Clause in Contracts

Replacement Bond. This Blanket Bond covers any and all liability and obligations accrued and to be accrued under the law from the earliest issuance date of each and every permit covered by this Blanket Bond until such time as the Department shall release, in writing, this bond of such liability and obligations. This Blanket Bond replaces the following existing bonds:                                                                                                 In consideration of the pledge and deposit of this bond, the Department will release the above-listed existing bonds of all liability under the Law.

Replacement Bond. This Blanket Bond covers any and all liability and obligations accrued and to be accrued under the law from the earliest issuance date of each and every permit covered by this Blanket Bond until such time as the Department shall release, in writing, this bond of such liability and obligations. This Blanket Bond replaces the following existing bonds:                                                                                                 In consideration Date of the pledge and deposit Bond Type of this bond, the Department will release the above-listed existing bonds Bond (Surety/ Collateral) Name of all liability under the LawSurety/Bank/ Govt. Issuer Type of Collateral Surety Bond No./ Collateral ID No.