Construction payment bond definition

Construction payment bond means a surety agreement or obligation issued to guarantee or assure payment by a principal obligor for work performed or materials supplied or specially fabricated for a public or private construction project.
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Construction payment bond means a surety
Sample 1
Construction payment bond means a payment and performance bond or bonds provided by the Licensed Contractor under the Construction Contract, in an amount equal to One hundred ten percent (110%) of the contract sum due under the Construction Contract, that: (a) has been duly issued by a surety licensed to do business in the State of Texas; (b) names Owner, Developer, MCDC and the City as joint obligees; and (c) that insures (i) the payment of the contract sum due under the Construction Contract and the performance by the Licensed Contractor under the Construction Contract.
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Examples of Construction payment bond in a sentence

  • For public work the Construction Payment Bond provides rights of recovery for workers and suppliers similar to their rights under the mechanics lien laws applying to private work.

  • Procedures for making a claim under the Construction Payment Bond are set forth in the form.

  • Construction Performance Bond Construction Payment Bond The Construction Performance Bond is an instrument that is used to assure the availability of funds to complete the construction.

  • The Construction Payment Bond is an instrument that is used to assure the availability of sufficient funds to pay for labor, materials and equipment used in the construction.

  • To accompany the Construction Performance Bond (EJCDC No.1910-28A) and the Construction Payment Bond (EJCDC No. 1910-28B) Prepared by the Engineers' Joint Contract Documents Committee CONSTRUCTION PERFORMANCE BOND Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable.

  • In addition, to fully secure its payment and performance obligations under this Agreement, Contractor shall also provide to Owner, either (i) a Construction Payment Bond reasonably acceptable to Owner and Authority in an amount equal to the Contract Price, or (ii) a guaranty, in form and substance reasonably acceptable to Owner and Authority, issued by a guarantor reasonably acceptable to Owner and Authority, covering all of Contractor’s obligations hereunder.

  • At Contractor’s request following Final Completion of each SGF, Owner shall cooperate to execute such documents as are reasonably necessary to cause the amount of the Construction Performance Bond and Construction Payment Bond to be reduced by an amount equal to (y) the Local Unit Price of such SGF that has achieved Final Completion minus (z) the increase in the Local Unit Price of any SGF due to Change Orders that has not yet achieved Final Completion.

  • E To accompany the Construction Performance Bond (EJCDC No.1910-28A) and the Construction Payment Bond (EJCDC No. 1910-28B) Prepared by the Engineers' Joint Contract Documents Committee S CONSTRUCTION PERFORMANCE BOND Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable.

  • The Contractor shall furnish a Construction Performance and Payment Bond in an amount at least equal to one hundred percent (100%) of the total contract price as security for the faithful performance of this contract and also a Construction Payment Bond in an amount at least equal to one hundred percent (100%) of the total contract price as security for the payment of all persons performing labor on the project under this contract and furnishing materials in connection with this contract.

  • The Effective Date of the Agreement and the dates of any Construction Performance Bond and Construction Payment Bond should be the same, if possible.

Related to Construction payment bond

  • Completion Payment means the payment for the 20% of the Charges for each Apprenticeship that under the ESFA Rules is only paid once an Apprentice takes their end point assessment, including as the case may be Apprenticeships funded by Transferred Levy Funds;

  • Construction Fee means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property.

  • Production Payment means a production payment obligation (whether volumetric or dollar denominated) of the Borrower or any of its Restricted Subsidiaries which are payable from a specified share of proceeds received from production from specified Oil and Gas Properties, together with all undertakings and obligations in connection therewith.

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.

  • Lease Payment means any form of payment, including a land lease, by a public entity to the private entity for the use of a qualifying project.

  • Loan Payment means any amount payable by the Loan Parties to the Bank pursuant to the Legal Agreements or these General Conditions, including (but not limited to) any amount of the Withdrawn Loan Balance, interest, the Front-end Fee, interest at the Default Interest Rate (if any), any prepayment premium, any transaction fee for a Conversion or early termination of a Conversion, any premium payable upon the establishment of an Interest Rate Cap or Interest Rate Collar, and any Unwinding Amount payable by the Borrower.”

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Construction Cost means and includes the cost of the entire construction of the Project, including all supervision, materials, supplies, labor, tools, equipment, transportation and/or other facilities furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors, but such cost shall not include the Consulting Engineer/Architect's fee, or other payments to the Consulting Engineer/Architect and shall not include cost of land or Rights-of-Way and Easement acquisition.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Delta Payment means as it is described in this Agreement.

  • Lease Payment Date means, with respect to any Interest Payment Date, the 5th Business Day immediately preceding such Interest Payment Date.

  • Indemnity Payment shall have the meaning set forth in Section 4.4(a).

  • Supplemental Payment means any payments or transfers of things of value made to the District or to any person or persons in any form if such payment or transfer of thing of value being provided is in recognition of, anticipation of, or consideration for the Agreement and that is not authorized pursuant to Sections 313.027(f)(1) or (2) of the TEXAS TAX CODE, and specifically includes any payments required pursuant to Article VI of this Agreement.

  • Amortization Payment shall have the meaning set forth in Section 2(d).

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • Project Costs means all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • Interest Drawing has the meaning assigned to such term in Section 3.6(a).

  • Coupon Payment Date means each day specified to be an Coupon Payment Date in the Product Terms.

  • Sublease Payment means any payment required to be made by the District pursuant to Article 7 of this Sublease.