Penal sum definition
Penal sum means a sum to be paid as a penalty especially under the terms of a bond.
Penal sum or “penal amount” means the amount of money specified in a bond (or a percentage of the bid price in a bid bond) as the maximum payment for which the surety is obligated or the amount of security required to be pledged to the Government in lieu of a corporate or individual surety for the bond.
Penal sum. The amount in which a bond is issued is called the “penal sum,” or the “penalty amount,” of the bond.
More Definitions of Penal sum
Penal sum as used in this Agreement, shall mean the sum of the Fees plus the estimated cost to install and warrant the Improvements, as such Fees and costs are set forth under the "RECITALS" of this Agreement.
Penal sum means the Initial Bond Penal Sum or the INI Current Penal Sum, as applicable. Any proceeds received by TETRA in excess of the amount so utilized shall be maintained by TETRA in escrow and such funds shall be used exclusively to pay for the performance of the Abandonment Obligations, and shall be treated as replacement security for a portion of the Initial Bonds as provided in Section III.7.
Penal sum means the Original Stage 1 Permanent Bond Penal Sum or the Current Stage 1 Permanent Bond Penal Sum, as appropriate.