Performance Bond and Payment Bond definition

Performance Bond and Payment Bond means a performance bond and a payment bond with regard to the General Construction Contract in the full amount of the guaranteed maximum price thereof, with a good and sufficient surety, in compliance with all applicable Governmental Requirements, in compliance with Florida Statutes Section 713.23 and otherwise in form and content Approved by the City Manager, or such other security as is reasonably acceptable to the City Manager, after consultation with the City Attorney. City Manager hereby Approves the form substantially as attached hereto as Exhibit “T,” which approval is for the City’s own benefit in its proprietary capacity as the owner of the Land and shall not be deemed to mean, and the City, in such proprietary capacity, makes no representation that, such bond complies with Florida Statutes Section 713.23.
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Examples of Performance Bond and Payment Bond in a sentence

  • The person, firm, or corporation that executes as surety Developer’s Performance Bond and Payment Bond, and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.

  • When the Contract reaches the maximum allowed amount before expiration, as the results of emergency repairs or unforeseen urgent maintenance or restoration, the amended increases will be effective only after COUNTY accepts CONTRACTOR’s additional bonds (Performance Bond and Payment Bond) to cover 100 percent of the increased amount.

  • I acknowledge and accept that a Performance Bond and Payment Bond will be required upon award of contract for those companies selecting the Level 2 - $25,000 and Level 3 - $50,000 thresholds.

  • The quantities given in the Schedule of Items of the Bid Package will be used as the basis for determining the original Contract amount and for determining the amounts of the required Performance Surety Bond and Payment Surety Bond, and that the amount of this offer is _ $_ Performance Bond and Payment Bond each being 100% of the amount of this Contract.

  • You are required to execute the Contract and furnish the required Performance Bond and Payment Bond using the bond forms provided in the Contract Documents and the required certificates of insurance within ten (10) calendar days from the date of issuance of this Notice.

  • The person, firm, or corporation that executes as surety the Developer’s Performance Bond and Payment Bond, and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.

  • The person, firm, or corporation that executes as surety the Contractor’s Performance Bond and Payment Bond, and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.

  • Within ten (10) calendar days from the date the Contractor is notified of award of the Contract, the Contractor shall deliver to the District four identical counterparts of the Performance Bond and Payment Bond on the forms supplied by the District and included as Exhibit “F” to the Contract.

  • The person, firm, or corporation that executes as surety Developer’s Performance Bond and Payment Bond and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.

  • When the Contract reaches the maximum allowed amount before expiration, as the results of emergency repairs or unforeseen urgent maintenance or restoration, the amended increases will be effective only after COUNTY accepts s additional bonds (Performance Bond and Payment Bond) to cover 100 percent of the increased amount.