Performance and Payment Bond definition

Performance and Payment Bond has the meaning established in Section 5.15.
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Performance and Payment Bond means type of contract bond which protects the Nation in the event the contractor is unable or refuses to perform his contract and ensure that sub-contractors, suppliers and distributors are paid for the services they provided under a contract.
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Performance and Payment Bond. To these presents personally came and intervened
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Examples of Performance and Payment Bond in a sentence

  • Design-Build Firm shall provide a Performance and Payment Bond, in the form prescribed in Exhibit B, in the amount of one hundred percent (100%) of the Contract Amount, the costs of which to be paid by Design-Build Firm.

  • Contractor is hereby authorized to obtain a Performance and Payment Bond from Subcontractors selected by Contractor at its discretion.

  • Performance and Payment Bond prices are subject to adjustment based on actual premiums paid.

  • TBD Following Receipt of Bids - A Performance and Payment Bond from each Contractor for the duration of the Contract for Level 2 and Level 3 contracts.

  • Upon the occurrence of default, the Authority may (1) call upon the sureties to perform their obligations under the Performance and Payment Bond or (2) in the alternative, the Authority may take over the Work and complete the Work by its own devices, or may enter into a new contract for the completion of the Work, or may use such other legal methods as in the opinion of the Authority shall be required for the completion of the Work.

  • If the Contract Amount is increased by a Change Order, it shall be the Design-Build Firm’s responsibility to ensure that the Performance and Payment Bond is amended accordingly and a copy of the amendment recorded by the Lee County Clerk of Court and forwarded to the County.

  • Contractor is hereby authorized to obtain a Performance and Payment Bond from any subcontractors selected by Contractor at its discretion.

  • All costs and expenses incurred thereby shall be charged against the defaulting CONTRACTOR and the amount thereof deducted from any monies due, or which may become due to him, or shall be charged against the Performance and Payment Bond.

  • Any expense incurred by the CITY in which the CONTRACTOR has failed or refused to make shall be paid for out of any monies due or which may become due to the CONTRACTOR, or may be charged against the Performance and Payment Bond.

  • The Purchasing Division will require a $50,000.00 Performance and Payment Bond from this Contractor for the duration of the Contract.


More Definitions of Performance and Payment Bond

Performance and Payment Bond has the meaning given such term in Section 3.16(a).
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Performance and Payment Bond means that performance and labor and material payment bond or letter of credit in the total amount of the compensation to be paid Redeveloper under the Contract Documents in the form of bond required for public construction contracts.
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Performance and Payment Bond. At ▇▇▇'▇ election with respect to this Master Agreement or any Work Order, Contractor shall obtain, within ten (10) days after the signing of any Work Order, Performance and Payment Bonds in favor of Cox to assure the substantial performance by Contractor of the provisions of this Master Agreement or any Work Order, each in the amount at least equal to the total cost of the Work to be performed pursuant to this Master Agreement and any Work Order. These bonds shall remain in effect throughout the term of this Master Agreement or any Work Order and for a period of one (1) year thereafter and shall be issued with language satisfactory to Cox. All bonds must be obtained from a surety company listed on the U.S. Department of Treasury list, duly licensed or authorized in the jurisdiction in which the Work is being performed and, if signed by an agent, must be accompanied by a certified copy of such agent's authority to act. If Cox makes the election described above, Contractor, through its surety, shall furnish Cox with the bonds required hereunder prior to commencing any Work pursuant to this Master Agreement or any Work Order. There shall be recoverable by Cox jointly and severally from the principal and surety any and all damages, losses, costs and expenses, including reasonable attorneys' fees, suffered or incurred by Cox resulting from the failure of Contractor to comply with the provisions of this Master Agreement, including; but not limited to failure to complete satisfactorily all Work and failure to pay in full subcontractors, materialmen and/or suppliers. If the surety on any bond furnished by Contractor is declared a bankrupt or becomes insolvent, or its right to do business is terminated in any state where any Work is being performed, or ceases to meet the requirements of this Paragraph 25, Contractor shall immediately thereafter substitute another bond and surety, both of which must be acceptable to Cox.
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Related to Performance and Payment Bond

  • Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and Executive are subject. An example of the calculation of the Bonus Payment is set forth below: Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and Executive is not subject to state income taxes. Further assume that Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 in Excise Taxes are payable. The amount of the required Bonus Payment is thus $100,000. The Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Incentive Payment means the payments made pursuant to Section VII.E.

  • Performance audit means an objective and systematic assessment of a state agency or agencies or any of their programs, functions, or activities by the state auditor or designee in order to help improve agency efficiency, effectiveness, and accountability. Performance audits include economy and efficiency audits and program audits.

  • Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;