Contract Security – Bonds. 13.2.1 Developer shall furnish two surety bonds issued by a California admitted surety insurer as follows:
Contract Security – Bonds. Prior to commencing any Work pursuant to this Contract, Contractor shall furnish a Payment Bond issued by a California admitted surety in an amount at least equal to one hundred percent (100%) of the Project for payment of persons performing labor and/or furnishing materials in connection with this Contract. All bonds related to this Contract shall be in a form acceptable to the Court.
Contract Security – Bonds. (a) If the amount of this Contract exceeds $150,000, the Contractor shall furnish a performance bond in an amount at least equal to one hundred percent (100%) of the Contract price as security for the faithful performance of this Contract and also a payment bond in an amount equal to one hundred percent (100%) of the Contract price or in a penal sum not less than that prescribed by State, Territorial, or local law, as security for the payment of all persons performing labor on the Work under this Contract and furnishing materials in connection with this Contract. The performance bond and the payment bond may be in one or in separate instruments in accordance with local law. Before final acceptance, each bond must be approved by EDA. If the amount of this Contract does not exceed $150,000, the Owner shall specify the amount of the payment and performance bonds.
Contract Security – Bonds. At no cost to Developers and District, the General Contractor shall furnish surety bonds issued by a California admitted surety insurer, with the District named as a beneficiary, as follows:
