Examples of Performance Bond in a sentence
Within ten (10) days of STATE’s said application, PURCHASER must deposit that sum of money necessary to maintain a Performance Bond of one hundred thousand dollars ($100,000.00 USD).
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 be bonded for an amount no less than 100% of the total cost of Construction and the bond shall be in a form substantially similar to that Form of Payment and/or Performance Bond set forth in Exhibit C hereto (the "Performance Bond"), which Performance Bond shall be maintained throughout the Construction of the Project.
Prior to commencement of Construction, Developer shall provide to LAUSD a true and accurate copy of the Performance Bond.
All costs resulting from such action by the County will be claimed against Contractor or, if necessary, the Contractor's Performance Bond.