Purpose of Bond. The bond is to protect the Department against any loss sustained through failure of Contractor or any of its employees, officers, directors, agents and representatives to accurately perform the Services required by the Contract for the entire term of the Contract. No compensation will be due to Contractor until the performance bond is in place and approved by the Department in writing.
Purpose of Bond. The performance bond is to protect the Division and the State against any loss sustained through failure of the Contractor's performance of the Services in accordance with the Contract. No payments shall be made to the Contractor until the performance bond is in place and approved by the Division in writing.
Purpose of Bond. The bond is to protect the Department and the State against any loss sustained through failure of the Contractor or any of its employees, officers, directors, agents and representatives to accurately perform the Services required by the Contract for the entire term of the Contract. No compensation shall be due to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and no later than December 31st of each Plan Year, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection. THIS SPACE INTENTIONALLY LEFT BLANK
Purpose of Bond. The bond is to protect the Department and the State against any loss sustained, due in whole or in part, by the Contractor's termination of the services constituting the purpose of the Contract. Such termination may be caused by Contractor's bankruptcy or any other termination of services stemming from the actions or inactions of Contractor. Such remedy shall not constitute a waiver of any other remedy available to the Department by law. No compensation shall be due to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and by each yearly anniversary of the Effective Date, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable, letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection.
Purpose of Bond. The Obligors shall use all proceeds from issuance and sale of the Bond to (1) finance Uvex's acquisition of the Mortgaged Real Estate, and expansion of Uvex's facility located thereon, and (2) to fund the Obligors' capital expenditures.
Purpose of Bond. The performance bond is to protect the Department and the State against any loss sustained through failure of the Contractor’s performance of the Services in accordance with the Contract. No payments shall be made to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and by Contract year start each year following the Effective Date, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. The surety bond provided under this section shall be used solely to the extent necessary to satisfy the damage claims made by the State of Florida pursuant to the terms of the Contract. In no event shall the surety bond be construed as a penalty bond. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable, letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection.
