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.

Related to P&P Bond

  • Bail bond means the same as that term is defined in Section 31A-35-102.

  • 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.

  • Global Bond means the registered global bond representing Original Bonds in the form or substantially in the form set out in Schedule 2 and/or as the context may require any global bond or note representing Further Bonds or any of them (and “Global Bonds” shall be construed accordingly);

  • Reference Bond means for any Reset Period a government security or securities issued by the state responsible for issuing the Specified Currency (which, if the Specified Currency is euro, shall be Germany) selected by the Issuer on the advice of an investment bank of international repute as having an actual or interpolated maturity comparable with the relevant Reset Period that would be utilised, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in the same currency as the Notes and of a comparable maturity to the relevant Reset Period.

  • covered bond means a debt security issued by any member of the banking group, for which repayment to holders is guaranteed by a SPV, and investors retain an unsecured claim on the issuer.