Examples of Payment and Performance Bond in a sentence
As a condition of Owner's termination rights provided for in this paragraph, CM shall be released and discharged from all obligations arising by, through or under the terms of this Agreement, and the Payment and Performance Bond shall be terminated.
The surety selected by the CM to provide the Payment and Performance Bond shall be approved by the Owner prior the issuance of such Bond, which approval shall not be unreasonably withheld.
Department may assign all or part of its right, title and interest in and to Preconstruction Services Contract, including rights with respect to the Payment and Performance Bond, any Guaranty and any other performance security provided, to any Person with the prior written approval of Construction Manager.
Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a Payment and Performance Bond, in an amount equal to one hundred percent (100%) of the Contract Price.
By submitting this Proposal, the undersigned bidder hereby agrees to be bound by the award of the Contract and, if awarded the Contract on this Proposal, to execute the required Contract and the required Contract Payment and Performance Bond within ten (10) days after receipt of notice of the award.