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.
Sample 1

Examples of Performance Bond and Payment Bond in a sentence

  • Information is necessary for proper preparation of the Contract, Performance Bond and Payment Bond.

  • It is understood and agreed that bid security of two (2) lowest and responsive Bidders will be retained until Contract has been executed and an acceptable Performance Bond and Payment Bond has been furnished.

  • Separate Performance Bond and Payment Bond forms shall be provided with Notice of Acceptance.

  • The successful bidder will be required to furnish a Performance Bond and Payment Bond, on or before the issuance of Notice to Proceed, each in the amount of 100% of the Contract Amount.

  • Both the Performance Bond and Payment Bond must remain in effect from the date of Contract Award until final completion of the Work or the end of Correction Period, whichever comes later.

  • The Bidder must forfeit Bid security after Award if the Bidder fails to execute the Contract and promptly return it with any required Performance Bond and Payment Bond and with any required proof of insurance (see enclosed sample contract for amount requirements).

  • Accepted Bidders will be required, as a condition precedent to award of Contract, to furnish in the amount of 100% of the contract price, satisfactory Performance Bond and Payment Bond and Certificates of Insurance as required in the Project Manual.

  • Work completed as estimated shall be an approximation or estimate only and no mistake, inaccuracy, error or falsification in said any approved estimate shall operate to release the Contractor, or any surety upon any bond, from damages arising from such work, or from the District’s enforcement of each and every provision of this Contract including but not limited to the Performance Bond and Payment Bond.

  • All contract payment bonds and contract performance bonds shall be executed on "Performance Bond" and "Payment Bond" forms provided in the "Contract Award Package" and be countersigned by a regularly authorized agent of the corporate surety who is resident in North Carolina and who is licensed by the North Carolina Department of Insurance.

  • The surety requested to issue the Performance Bond and Payment Bond will be: (name of surety company - not insurance agency)The Undersigned hereby authorizes said surety company to disclose any information to the Owner concerning the Undersigned's ability to supply a Performance Bond and Payment Bond each in the amount of the Contract.

Related to Performance Bond and Payment Bond

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

  • Payment Bond is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.

  • Bond Payment Date means any date on which principal of or interest on any Bond is payable.

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Performance Bank Guarantee/ Security Deposit means interest free amount to be deposited by the Contractor with NMRC as per terms and conditions of Contract Agreement as a security against the performance of the Contract agreement

  • Maturity Redemption Payment means an amount per Deposit to which you are entitled on the Maturity Date based on the performance of the Reference Portfolio which is equal to your Principal Amount x (1 + Variable Return).

  • Monthly Redemption Amount means, as to a Monthly Redemption, one seventh of the original principal amount at 110% of such principal amount, plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder in respect of this Note.

  • Maturity Payment Date means the date falling on the fifth Business Day following the Valuation Date, provided, however, that if the Reference Portfolio Return is not determined on such Valuation Date because the date at which the Reference Asset Return of one or more Reference Assets to be determined is postponed, then the Maturity Payment Date will be the fifth Business Day following the latest of such postponed dates at which the Reference Portfolio Return is determined; in each case where the Maturity Payment Date is so postponed, there will be no interest or other compensation made in respect of any such delay.

  • Final Redemption Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Interest Payment Amount With respect to each outstanding Class of Notes and any Payment Date, the Interest Accrual Amount for such Class of Notes, less any Modification Loss Amount for such Payment Date allocated to reduce the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(f) hereof, or plus any Modification Gain Amount for such Payment Date allocated to increase the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(g) hereof.

  • Performance Bank Guarantee means the irrevocable unconditional bank guarantee to be submitted by the successful bidder as per Section 3.9.

  • Replacement Bonds means Bonds issued to the Beneficial Owners of the Bonds in accordance with Section 210 hereof.

  • Fronting Fee shall have the meaning provided in Section 4.1(c).

  • Party A Payment Dates Each Quarterly Interest Payment Date from and including the Quarterly Interest Payment Date falling in {circle} 2004 up to the Termination Date and the Termination Date.

  • Remarketing Fee has the meaning specified in Section 5.4(b)(i).

  • Final Redemption Value means the Underlying Reference Value.

  • Monthly Redemption Date means the 1st of each month, commencing immediately upon the nine month anniversary of the Original Issue Date and terminating upon the full redemption of this Debenture.

  • Extended Interest Payment Period shall have the meaning set forth in Section 4.1.

  • Early Redemption Amount (Tax) means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Optional Redemption Pricing Date means a Valuation Date on which a Redemption Order is determined to be valid and accepted by or on behalf of the Issuer in accordance with the terms of the LS Operating Procedures Agreement.

  • Special Payment Date means each Distribution Date with respect to the Early Amortization Period.

  • SPS Redemption Valuation Date means the Settlement Price Date.

  • Quarterly Payment Date means the last Business Day of each March, June, September and December.

  • Quarterly Payment Dates means each March 31, June 30, September 30 and December 31.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Redemption Payment Date As defined in Section 13.1.