Performance and Payment Bonds definition

Performance and Payment Bonds has the meaning set forth in Section 9.2.1.
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Performance and Payment Bonds shall have the meaning set forth in Section 3.17.1.
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Performance and Payment Bonds means the approved form of security furnished by the Contractor and the Contractor's Surety or Sureties guaranteeing completion of the Work required by the Contractor Construction Contract and these General Conditions and payment to persons supplying labor and materials in the prosecution of the Work, in accordance with the terms and conditions of the Contract Documents.
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Examples of Performance and Payment Bonds in a sentence

  • In accordance with the requirements of Section 255.05(1)(a), Florida Statutes, within five (5) days after Owner’s written approval of the Bonds and before commencing the Construction Phase Work, Construction Contractor shall record in the Public Records of Orange County, Florida, a copy of the Performance and Payment Bonds.

  • If the combination of bids and AOC-accepted alternates and all direct costs of the Contractor for construction of the Project including General and Supplementary Conditions, Performance and Payment Bonds, Contractor fee for construction, Contractor overhead and profit, and Contractor contingency results in a GMAX that is less than or equal to the Construction Budget plus 10%, the AOC shall have the option to proceed with the Construction Phase of the Project.

  • If the combination of bids and AOC-accepted alternates and all direct costs of the Contractor for construction of the Project including General and Supplementary Conditions, Performance and Payment Bonds, Contractor fee for construction, Contractor overhead and profit, Allowance for Furniture, Fixtures and Equipment and Contractor contingency results in a GMAX that is less than or equal to the Construction Budget plus 10%, the AOC shall have the option to proceed with the Construction Phase of the Project.

  • Performance and Payment Bonds: If this box is checked, prior to beginning work, the Contractor shall deliver to the Agency a Performance Bond and a Labor & Material Payment Bond.

  • Signature of Notary Public – State of Florida Printed/Typed/Stamped Commissioned Name of Notary Public Agreement Title: County Contract No.: Contractor: CIP No.: We, (Name of ▇▇▇▇▇▇), having heretofore executed Performance and Payment Bonds for the above named Contractor covering the Project referenced above in the sum of Dollars ($ ) hereby agree that the County may make full payment of the final estimate, including the retained percentage, to said Contractor.


More Definitions of Performance and Payment Bonds

Performance and Payment Bonds is defined in Section 7.01.
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Performance and Payment Bonds means the approved form of security furnished by the Contractor and the Contractor's Surety or Sureties guaranteeing completion of the Work required by the Contractor Construction
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Performance and Payment Bonds means labour and material or performance bonds as may be required by the Lender in consultation with the Project Monitor (in each case, up to 50% of the amount of the relevant Construction Contract) issued by a surety acceptable to the Lender relating to all or a portion of the Construction, such bonds to be in customary form typically utilized within the construction industry and otherwise acceptable to the Lender (which bonds shall contain dual obligee riders in favour of the Lender) and in such amount as may be required hereunder.
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Related to Performance and Payment Bonds

  • Performance Goals means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of Common Stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to expensed under generally accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award Agreement or the written terms of a Performance Cash Award.

  • Performance Criteria means the criteria (and adjustments) that the Committee selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows: