Performance and Payment Bonds. The authority and responsibility for requesting performance and payment bonds shall rest with the Customer. Under this Contract, the Customer issuing the purchase order may request a performance and payment bond, as deemed necessary by the size of the job. Inability to provide a bond may result in the Contractor being found in default of the purchase order.
Performance and Payment Bonds. 7.1 The Owner requires performance and payment bonds from the Contractor in the amount of the Contract; the cost of the bonds to be paid by the Contractor.
Performance and Payment Bonds. The Construction Manager shall furnish bonds covering the faithful performance of the Agreement and payment of any and all obligations arising under the Agreement as required by Florida law. Upon request, the Construction Manager shall furnish a copy to any person or entity requesting a copy. Such bonds shall be in conformance and compliance with sec. 255.05, Florida Statutes, and shall contain the information and provisions set forth in the referenced section. Pursuant to sec. 255.05, the Construction Manager shall record the performance and payment bonds in the public records of Osceola County, Florida. The Construction Manager shall provide the recorded copy of the bonds to the Owner.
Performance and Payment Bonds. 21.1 The Contractor is required to furnish to the City a Performance Bond and Payment Bond, each in the amount of One Hundred percent (100%) of the total Project value (“Bonds”). Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit. If the latter is chosen, it must be written on a bank located in Miami-Dade County, be in the amount of the Agreement and should clearly and expressly state that it cannot be revoked until express written approval has been given by the City. The City, to draw on same, would merely have to give written notice to the bank with a copy to the Contractor.
Performance and Payment Bonds. The Contractor is is not required to furnish performance and payment bonds.
Performance and Payment Bonds a. As directed in the Notice of Award, the Contractor shall file with the District the following bonds, using the bond forms provided with these Contract Documents:
Performance and Payment Bonds. Participating County shall require the contractor to procure and maintain a payment bond and a performance bond each of which shall be in an amount not less than one hundred percent (100%) of the contractor’s total contract price as set forth in the agreement between Participating County and contractor. The bonds shall be issued by one or more surety companies acceptable to the Agencies. The performance bond required by this Article 8 shall name the State as an additional beneficiary under the bonds.
Performance and Payment Bonds. The Contractor shall, before beginning said work, file two bonds with the , each made payable to the . These bonds shall be issued by a surety company authorized to do business in the State of California, and shall be maintained during the entire life of the Agreement at the expense of the Contractor. One bond shall be in the amount of one hundred percent (100%) of the Agreement and shall guarantee the faithful performance of the Agreement. The second bond shall be the payment bond required by California Civil Code Division 3, Part 4, Title 15, Chapter 7, and shall be in the amount of one hundred percent (100%) of the Agreement. Any alterations made in the specifications which are a part of this Agreement or in any provision of this Agreement shall not operate to release any surety from liability on any bond required hereunder and the consent to make such alterations is hereby given, and any surety on said bonds hereby waives the provisions of California Civil Code Sections 2819 and 2845.
Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.
Performance and Payment Bonds. 14.1 A Performance and a Payment Bond shall be submitted by CONTRACTOR for all Contracts in excess of fifty thousand U.S. Dollars ($50,000.00) or if indicated in Article 6. When indicated in Article 6, a clean irrevocable letter of credit payable to the OWNER from a bank acceptable to the OWNER may be substituted for the bonds.
