Faithful Performance Bond. Owner may at any time require Contractor to furnish a faithful performance bond issued in a form and by a surety company acceptable to Owner securing the Contractor's faithful performance of its obligations under this Agreement, in an amount not less than the value of the Work remaining to be performed. Upon Owner's request, Contractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. Owner shall pay the bond premium amount up to a maximum of one percent (1%) of the Contract Price.
Faithful Performance Bond. On or before the Effective Date, Contractor shall file with County a bond securing the Contractor’s faithful performance of its obligations under this agreement. The principal sum of the bond shall be no less than Two Hundred Thousand Dollars ($200,000.00). The form of the bond shall be approved as to form by the Plumas County Counsel. The bond shall be executed as surety by a corporation admitted to issue surety bonds in the State of California, regulated by the California Insurance Commissioner, and with a financial condition and record of service satisfactory to County. The Term of the initial faithful performance bond shall be sixty (60) months. The initial bond shall be replaced by a new bond in the principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) for the same Term (i.e., sixty (60) months) and in the same form, each sixty month period thereafter. Not less than ninety (90) Days before the expiration of the initial, or any subsequent, bond, Contractor shall furnish either a replacement bond or a continuation certificate substantially in a form approved by County Counsel, executed by the surety. It is the intention of this Section that there be in full force and effect at all times a bond securing Contractor’s faithful performance of the agreement, throughout its Term.
Faithful Performance Bond. CONTRACTOR shall furnish to the CITY a surety bond in an amount equal to the Contract Price as security for faithful performance of this Agreement.
Faithful Performance Bond. CONTRACTOR shall provide to COUNTY a Faithful Performance Bond in an amount equal to 25% the annual CONTRACT amount. Bonds must be submitted to COUNTY on COUNTY provided forms within seven (7) calendar days of award notification and prior to the official CONTRACT award. Prior to the provisions of services under this CONTRACT, CONTRACTOR agrees to purchase the required bond at CONTRACTOR’S expense and to deposit with COUNTY the required bond necessary to satisfy COUNTY requirements and to keep such bond on deposit with COUNTY during the entire term of this CONTRACT. Said bond shall be secured from an admitted surety company authorized to conduct surety insurance in California and satisfactory to COUNTY Offices of COUNTY Counsel and Risk Management and in accordance with the General Conditions. If any surety upon any bond furnished in connection with this CONTRACT becomes unacceptable to COUNTY, or if any such surety fails to furnish reports as to its financial condition from time to time as requested by COUNTY, CONTRACTOR shall promptly furnish such additional security as may be required by COUNTY from time to time to protect the interests of the COUNTY and of persons supplying labor or materials in the prosecution of the work contemplated by this CONTRACT. COUNTY shall return bonds to CONTRACTOR after successful completion of all CONTRACTOR’S obligations and services required under the CONTRACT.
Faithful Performance Bond a) Upon the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor with good and sufficient surety approved by the Grantor, in the penal sum of Ten Thousand Dollars, or the deposit of $10,000 in a restricted account satisfactory to the Grantor, conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise.
Faithful Performance Bond. At the time of making written application under this Agreement, Licensee may be required by Licensor to furnish Licensor with a bond to cover the faithful performance by Licensee of its obligations to make the payments provided for in paragraphs 8, 15, 17, 20, 22 and 23 hereof; to pay the premiums for the insurance provided for in paragraph 24 hereof; and to remove or to pay for the removal of its equipment from said Outside Plant, or any of them, if this Agreement should be terminated in whole or in part pursuant to Paragraph 27 or Paragraph 34 hereof. Licensor may require such bond only if Licensee does not maintain at least an investment grade (e.g., B+ or higher) debt or credit rating as determined by a nationally recognized debt or credit rating agency such as Xxxxx’x, Standard and Poor’s or Duff and Xxxxxx and have liquid assets of at least $3,000,000 as demonstrated by the most recent year-end financial statement. Such bond shall be issued by a commercial bonding company selected by Licensee and satisfactory to Licensor; shall not be subject to termination or cancellation except upon thirty (30) days prior written notice of cancellation thereof or material change thereto by certified mail to Licensor; shall be in such form and in such amount as Licensor shall reasonably specify from time to time; and, subject to termination or cancellation as aforesaid, shall be maintained in full force and effect in the amounts and for the period or periods required by Licensor, including reinstatement thereof at any time throughout the life of this Agreement.
Faithful Performance Bond. Not later than ten (10) days before the Effective Date (i.e., on or before October 31, 2008), Contractor shall deliver to City a bond securing the Contractor’s faithful performance of its obligations under this Agreement. The principal sum of the bond shall be Five Million Dollars ($5,000,000). The form of the bond shall be as set out in Attachment L-1. The bond shall be executed as surety by a corporation admitted to issue surety bonds in the State of California, regulated by the California Insurance Commissioner and with a financial condition and record of service satisfactory to City. The term of the bond shall be not less than twenty-four (24) months, or until June 30, 2010, whichever occurs first. The bond shall be extended, or replaced by a new bond in the same principal sum, for the same term (i.e., twenty-four (24) months) and in the same form, bi-annually thereafter, subject to the last paragraph of this section. Not less than ninety (90) days before the expiration of the initial bond, the Contractor shall furnish either a replacement bond or a continuation certificate substantially in the form attached as Attachment L-2, executed by the surety. It is the intention of this Section that there be in full force and effect at all times a bond securing the Contractor’s faithful performance of the Agreement, throughout its Term, provided, however, that the surety shall not be liable to City for its non-renewal of the bond or for Contractor’s failure or inability to secure a replacement bond. After Year Two, Contractor may request that the principal amount of the bond be reduced, together with a corresponding reduction in the premium for the bond. City will consider such a request in good faith, taking into account whether Contractor has performed to the satisfaction of City, but has no obligation to agree to a reduction in the bond amount. The principal amount of the bond may not be reduced below Two Million Dollars ($2,000,000) without approval of the City Council.
Faithful Performance Bond. 34 On or before the Effective Date, Contractor shall deliver to Authority a bond securing the 35 Contractor’s faithful performance of its obligations under this Agreement. The principal 36 sum of the bond shall be Two Million Dollars ($2,000,000). The form of the bond shall 37 be as set out in Attachment 16. The bond shall be executed as surety by a corporation 38 admitted to issue surety bonds in the State of California, regulated by the California 39 Insurance Commissioner and with a financial condition and record of service satisfactory 40 to Authority.
Faithful Performance Bond. Upon the execution of this agreement, Permittee shall file and submit security to CITY as obligee in the penal sum of two hundred thousand dollars ($200,000.00), conditioned upon the full and faithful performance of each of the terms, covenants and conditions of this Agreement and conditioned upon the full and faithful performance of any and all improvement work required hereunder. Any faithful performance security required hereunder shall be reduced to 10% of the security's original value for one year after the date of final completion and initial acceptance of said work to fulfill the one-year maintenance guarantee period for said improvements.
Faithful Performance Bond. Developer has furnished and delivered to City concurrently with this Agreement, adequate and acceptable improvement security as required by Title 13 of the Sunnyvale Municipal Code, or as amended, in the amount of and No/100 dollars ($xxx,xxx.00) to secure Developer’s faithful performance of furnishing, constructing or installing all improvements required by Paragraph 1 above.
