Common use of Replacement Bond Clause in Contracts

Replacement Bond. If State should receive a notice that the Concession Bond has been or will be cancelled; Concessionaire shall provide State with a replacement Concession Bond providing the coverage required herein from the effective date and time of the cancellation of the Concession Bond so that there is no period of time wherein an adequate Concession Bond does not cover this Agreement as provided for herein. Such a replacement Concession Bond must meet all of the requirements set forth in this Article XIX. (Concession Bond) hereof and be forwarded to and received by State at least twenty (20) days prior to the effective date and time of the Concession Bond cancellation.

Replacement Bond. If State should receive a notice that the Concession Bond has been or will be cancelled; Concessionaire RAC shall provide State with a replacement Concession Bond providing the coverage required herein from the effective date and time of the cancellation of the Concession Bond so that there is no period of time wherein an adequate Concession Bond does not cover this Agreement as provided for herein. Such a replacement Concession Bond must meet all of the requirements set forth in this Article XIX. XIX (Concession Bond) hereof and be forwarded to and received by State at least twenty (20) days prior to the effective date and time of the Concession Bond cancellation.