Performance Bond definition

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

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Performance Bond means a surety bond which guarantees against Contractor’s Default as well as Contractor’s full performance of its obligations hereunder.

Performance Bond means the approved form of security furnished by the Contractor and Contractor's Surety as a guarantee of good faith on the part of the Contractor to execute the work that is the Contractor's obligation, in accordance with the terms of the Contract.

Examples of Performance Bond in a sentence

• The Performance Bond will be held by Owner until the expiration of the Warranty Period.

• Upon Facility Substantial Completion, the face amount of the Performance Bond shall be reduced to an amount equal to [***].

• The Performance Bond will be reduced in value by [***] upon Facility Substantial Completion, which may then be held by Owner until the expiration of the Warranty Period.

• In the event the Target Price is increased or decreased by one or more Change Orders or otherwise in an aggregate amount equal to or greater than [***] in accordance with the terms of this Agreement prior to the Facility Substantial Completion Date, Contractor shall increase or decrease the amount of the Performance Bond to reflect the corresponding increase or decrease in the Target Price by [***] of such increase or decrease, within [***] Business Days of such increase or decrease in the Target Price.

• The Performance Bond shall have a face amount equal to a variable percentage of the then-current Target Price, as follows: (i) as of the Notice to Proceed Date, the face amount of the Performance Bond shall be equal to [***] of the then-current Target Price; and (ii) on the Facility Substantial Completion Date, the face amount of the Performance Bond shall be decreased to be equal to [***] of the then-current Target Price.

More Definitions of Performance Bond

Performance Bond means a surety bond which guarantees that the Contractor will fully perform the Contract and guarantees against breach of contract.

Performance Bond. A bond in an amount at least equal to one hundred percent (100%) of Contract Price as security for faithful performance of this Contract.

Performance Bond means a contract of guaranty executed subsequent to award by a successful bidder to protect the state from loss due to contractor inability to complete a contract.

Performance Bond means the guarantee described in Sub-Clause 2.19 [Performance Bond], which delivery shall be procured by the successful Tenderer.

Performance Bond. A bond in the amount of the Contract executed by a corporate surety in accordance with all Texas Law, including but not limited to, Chapter 2253 of the Texas Government Code and Chapter 3503 of the Texas Insurance Code, for public works projects as security furnished by the CONTRACTOR and his sureties soley for the protection of the Owner, conditioned on the faithful performance of the Contract Work in accordance with the plans, specification, and Contract Documents.

Performance Bond means the performance bond to be provided to the Secretary of State in the form set out in Appendix 1 (Form of Performance Bond) to Schedule 12 (Financial Obligations and Covenants), as replaced or amended from time to time in accordance with Schedule 12;

Performance Bond is defined in Section 2.2.2.