P&P Bond definition

P&P Bond means a payment and performance bond issued by a nationally recognized bonding company in form acceptable to the City, in connection with the City Assurance, and which must remain in effect until the Multi-Family Developer achieves construction completion of the Improvements.
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Examples of P&P Bond in a sentence

  • If any bond provided becomes ineffective, or if the Surety providing a P&P Bond no longer meets the requirements hereof (or if multiple Sureties act as co-Sureties in providing a P&P Bond, none of such co-Sureties meets the requirements hereof), DB Contractor shall provide a replacement bond in the same form issued by a Surety meeting the foregoing requirements.

  • If any bond provided becomes ineffective, or if the Surety providing a P&P Bond no longer meets the requirements hereof (or if multiple Sureties act as co-sureties, no Surety meets the requirements hereof), DB Contractor shall provide a replacement bond in the same form issued by a Surety meeting the foregoing requirements.

  • If any bond provided becomes ineffective, or if the Surety providing a P&P Bond no longer meets the requirements hereof (or if multiple Sureties act as co- sureties, no Surety meets the requirements hereof), DB Contractor shall provide a replacement bond in the same form issued by a Surety meeting the foregoing requirements.

  • P&P Bond execution may be waived at the discretion of the Construction Manager and/or the Owner and subcontractor must issue written request before supplying P&P bond.

  • The P&P Bond shall be in the amount of one hundred percent (100%) of the contract amount, guaranteeing to City and Grantee the completion and performance of the work under the contract and payment of all subcontractors.

  • The P&P Bond shall be in the form of dual obligee bonds from the Contractor, naming the City and Grantee as dual obligees.

  • If any bond provided becomes ineffective, or if the Surety providing a P&P Bond no longer meets the requirements hereof (or if multiple Sureties acting as co-sureties, no Surety meets the requirements hereof), DB Contractor shall provide a replacement bond in the same form issued by a Surety meeting the foregoing requirements.

  • The P&P Bond shall continue in effect for one year after completion and acceptance of the Project with liability equal to one hundred percent (100%) of the cost of the work, or an additional P&P Bond shall be conditioned that Grantee will, upon notification by City, correct any defective or faulty work or materials which appear within one year after completion of the Work.