Material Bond definition

Material Bond. (“Bond”) means a surety issued by a bonding company for a specific sum and without expiration, on behalf of an Associate or Affiliate Member, for the purpose of assuring the Member’s performance or the efficacy of the Associate or Affiliate Member’s Material or System.
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Examples of Material Bond in a sentence

  • Payment Bond & Performance Bond: Contractor shall not commence the Work until it has provided to the District, a Payment (Labor and Material) Bond and a Performance Bond, in the forms attached hereto, each in an amount equivalent to one hundred percent (100%) of the Contract Price issued by a surety admitted to issue bonds in the State of California and otherwise acceptable to the District.

  • Contractor shall not commence the Work until it has provided to the District, in a form acceptable to the District, a Payment (Labor and Material) Bond and a Performance Bond, each in an amount equivalent to one hundred percent (100%) of the Contract Price issued by a surety admitted to issue bonds in the State of California and otherwise acceptable to the District.

  • The Contractor shall furnish the Performance Bond and a Labor and Material Bond (individually a “Bond” and collectively Bonds) to the public entity that has accepted a quote.

  • The Bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a Performance Bond equal to 50% of the contract value, excluding HST, and a Labour and Material Bond equal to 25% of the contract value, excluding HST.

  • Each such bond shall be written in the principal amount of not less than Ten Thousand Dollars ($10,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C.

  • The successful bidder will be required to furnish a Performance and Labor & Material Bond in the amount of one hundred percent (100%) of the contract as security for the faithful performance of this contract and as security for payment of all persons performing labor under this contract and furnishing materials in connection with this contract.

  • The Contractor shall not commence the Work until it has provided to the District, in a form acceptable to the District, a Payment (Labor and Material) Bond and a Performance Bond, each in an amount equivalent to 100 percent of the Contract Price issued by a surety admitted to issue bonds in the State of California and otherwise acceptable to the District.

  • Concurrently with the execution of this Agreement, or at any time during its performance, Subcontractor shall, if required by Contractor, execute a Labor and Material Bond and Faithful Performance Bond, in an amount equal to 100% of the Contract Price in Section 3.

  • The Contract Documents shall include; the Advertisement for Bids, Instructions to Bidders, Proposal, Bid Bond, Labor & Material Bond, Performance Bond, Construction Agreement, General Contract Conditions, Supplementary Conditions, Drawings and Specifications including all Addenda issued prior to the opening of bids, approved Change Orders, Contractor's Application for Payment and Engineers Certificate of Payment.

  • Notwithstanding anything to the contrary in the Contract, the Payment (Labor and Material) Bond and the Performance Bond are not applicable to the Performance Guarantee in Exhibit “B,” nor to any equipment and/or material manufacturer’s warranty or other third-party warranty being assigned to District.

Related to Material Bond

  • Material Documents has the meaning set forth in Section 5.23.

  • Material Agreement means any material contract, commitment, agreement (written or oral), instrument, lease or other document, license agreement and agreements relating to intellectual property, to which the Corporation or any Subsidiary are a party or to which any of their property or assets are otherwise bound;

  • material hoist means a hoist used to lower or raise material and equipment, excluding passengers; "medical certificate of fitness" means a certificate contemplated in regulation 7(8);

  • Material Project Documents means, collectively, the Power Purchase Agreement, the EPC Contract, the Transmission Facilities Construction Agreement, the O&M Agreement, the Coal Supply Agreements, the Coal Transportation Agreement and all other instruments, agreements or other documents arising from or related to the Project, but shall not include any Financing Agreement.

  • Material Deviation refers to any contents or characteristics of the proposal that is significantly different from an essential aspect or requirement of the RFP, and : (i) substantially alters the scope and quality of the requirements; (ii) limits the rights of UNDP and/or the obligations of the offeror; and (iii) adversely impacts the fairness and principles of the procurement process, such as those that compromise the competitive position of other offerors.