PERFORMANCE AND MAINTENANCE BOND Sample Clauses

PERFORMANCE AND MAINTENANCE BOND. The Contractor shall furnish a Performance Bond, Labor and Materials Bond, and a one (1) year Maintenance Bond each in an amount equal to one hundred (100%) percent of the total contract price as security for its faithful performance of this contract, for the payment of all persons performing labor or furnishing materials in connection with this contract. Such bonds shall also cover any penalties, interest charges and assessments levied by any governmental unit for failure to comply with laws and/or regulations governing public work. The Maintenance Bond shall be an assurance that all work and materials provided under this contract shall be maintained for a minimum period of one (1) year. The Maintenance Bond shall be furnished following final completion, and payment under the contract. The contractor shall be required to furnish all guarantees and warranties of manufacturers of products in connection with this contract, but no manufacturer’s limitation of time shall act to limit the responsibility of the contractor or its surety hereunder. The surety must be licensed in the State of New York and have a BEST A rating, or the surety shall present information satisfactory to the TOWN/DISTRICT to permit the TOWN/DISTRICT to accept the bond. At the time of submission of bonds or at any time thereafter, the TOWN/DISTRICT may evaluate the surety or sureties proposed, and demand a change of surety if it determines that the financial position of such surety does not provide for a proper protection of the interests of the TOWN/DISTRICT. The TOWN/DISTRICT shall be guided by its legal counsel, and insurance industry consultants in determining proper sureties for TOWN/DISTRICT public works contracts. If the TOWN/DISTRICT notifies the contractor in writing that a surety is unacceptable for any reason, then the contractor shall replace the surety and the bond in question within five (5) business days with a surety and bond deemed suitable by the said TOWN/DISTRICT. The premiums charged for all such bonds shall be a cost of the contractor and not the TOWN/DISTRICT. Upon notice to change surety being forwarded to a contractor, no further payments shall be made until a new bond in proper form naming an acceptable surety is provided.
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PERFORMANCE AND MAINTENANCE BOND. The Contractor shall also furnish within five (5) days of notification of contract award a satisfactory Performance and Maintenance Bond in the full amount of the Bid based on the bid quantities listed on the Bid Proposal form. The Performance and Maintenance Bond furnished shall guarantee the faithful performance of the Work and warrant the Work for the guaranty period established in this City-Contractor Agreement. The submitted Performance and Maintenance Bond shall be substantially in the form of the “Form of Performance and Maintenance Bond” included within the Bid Documents.
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Related to PERFORMANCE AND MAINTENANCE BOND

  • Record Maintenance and Retention A. Grantee shall keep and maintain under GAAP or GASB, as applicable, full, true, and complete records necessary to fully disclose to the System Agency, the Texas State Auditor’s Office, the United States Government, and their authorized representatives sufficient information to determine compliance with the terms and conditions of this Grant Agreement and all state and federal rules, regulations, and statutes.

  • Support and Maintenance Where Licensee purchases support and/or maintenance services, Licensee’s initial support and/or maintenance term will begin upon delivery to Licensee of the Licensed Software and continue for one (1) year thereafter (or the length of the term if less than a year for any subscription/term license) unless otherwise specified in the applicable annual support and/or maintenance agreement, Product Order, or other written agreement executed between Licensor and Licensee. Where Licensee purchases support and/or maintenance for any Licensed Software, Licensee hereby agrees that it shall purchase such support and/or maintenance services for all of Licensee’s licensed units of such Licensed Software product. Support and/or maintenance services provided by Licensor will be subject to Licensor’s then current applicable standard annual support and/or maintenance agreement unless otherwise agreed by the parties in writing.

  • Operations and Maintenance Pursuant to Section 10.5 of this Agreement, Developer shall pay the reasonable expenses (including overheads) for the operation, maintenance, repair and replacement of Transmission Owner’s Attachment Facilities and incremental operating and maintenance expenses incurred in association with System Upgrade Facilities, if and to the extent provided for under Attachment S. For Transmission Owner’s Attachment Facilities, such expenses are calculated as follows:

  • Support and Maintenance Services Information about Teradici’s support and maintenance for the Licensed Product may be found at xxxxx://xxxx.xxxxxxxx.xxx.

  • Planned Maintenance (a) Sellers may designate up to twenty (20) Days of Planned Maintenance on Sellers’ Facilities during each Contract Year. Sellers shall be entitled to reduce (including down to zero (0)) its Gas scheduling under Clause 8 and Exhibit 3 for each Day of Planned Maintenance.

  • Operation and Maintenance 17.1 O&M obligations of the Concessionaire

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