Common use of Security Contract Clause in Contracts

Security Contract. A. The Contractor shall furnish two separate surety bonds (the form of which shall be substantially as attached), each in an amount at least equal to one hundred (100) percent of the Contract Price as security for the following: 1. The faithful performance of the Contract and the terms, conditions, and stipulations contained therein; 2. Payment of all laborers and mechanics for labor performed and payment for all Materials and Equipment furnished and for all Materials and Equipment used or rented in the performance of the Contract. B. The Surety on such bonds shall be satisfactory to the Owner and shall be a duly authorized Surety company licensed to do business in the State of Colorado, and appearing on the latest Federal Register circular 570 as published by the Department of the Treasury unless otherwise approved by the Owner. In no case will Sureties with less than a Best's B Rating be approved. The Surety will in no way be financially associated with the Contractor. C. Any and all bonds shall be so written as to make these bond Specifications a part hereof, whether by reference or attachment, in order to give the Surety full notice of the conditions thereof. D. The Contractor shall within ten (10) consecutive Calendar Days from and including the date of receipt of Notice of Award, furnish the Owner with the required "Performance Bond" and "Labor and Materials Payment Bond" each in a sum equal to the amount of the Contract Price. E. If at any time, a Surety or any such bond shall become insolvent, is declared bankrupt, loses its right to do business in the state in which the Work is to be performed, or is no longer listed in Department of the Treasury Circular 570, Contractor shall within ten (10) Days after notice from the Owner to do so, substitute acceptable bonds in such form and sum and signed by such other sureties as may be satisfactory to the Owner.

Security Contract. A. The Contractor shall furnish two separate surety bonds (the form of which shall be substantially as attached), each in an amount at least equal to one hundred (100) percent of the Contract Price as security for the following: 1. The faithful performance of the Contract and the terms, conditions, and stipulations contained therein; 2. Payment of all laborers and mechanics for labor performed and payment for all Materials and Equipment furnished and for all Materials and Equipment used or rented in the performance of the Contract. B. The Surety on such bonds shall be satisfactory to the Owner and shall be a duly authorized Surety company licensed to do business in the State of Colorado, and appearing on the latest Federal Register circular 570 as published by the Department of the Treasury unless otherwise approved by the Owner. In no case will Sureties with less than a Best's B Rating be approved. The Surety will in no way be financially associated with the Contractor. C. Any and all bonds shall be so written as to make these bond Specifications a part hereof, whether by reference or attachment, in order to give the Surety full notice of the conditions thereof. D. The Contractor shall within ten (10) consecutive Calendar Days from and including the date of receipt of Notice of Award, furnish the Owner with the required "Performance Bond" and "Labor and Materials Payment Bond" each in a sum equal to the amount of the Contract Price. E. . If at any time, a Surety or any such bond shall become insolvent, is declared bankrupt, loses its right to do business in the state in which the Work is to be performed, or is no longer listed in Department of the Treasury Circular 570, Contractor shall within ten (10) Days after notice from the Owner to do so, substitute acceptable bonds in such form and sum and signed by such other sureties as may be satisfactory to the Owner.