ADDITIONAL BOND SECURITY. When the Contract requires the posting of a bond, guarantee or security, the Contractor shall promptly furnish additional security required to protect the Authority under this Contract when: 1. Any surety upon any bond required furnished with this Contract becomes unacceptable to the Authority; 2. Any surety fails to furnish reports on its financial condition as required by the Authority; or 3. The revenue payable to the Authority by the Contractor is increased so that the penal sum of any bond or guarantee as set forth in the contract becomes inadequate in the opinion of the Contracting Officer.
Appears in 16 contracts
Samples: Concession Contract, Rental Car Concession Agreement, Concession Contract
ADDITIONAL BOND SECURITY. When the Contract requires the posting of a bond, guarantee or security, the Contractor shall promptly furnish additional security required to protect the Airports Authority under this Contract when:
1. Any surety upon any bond required furnished with this Contract becomes unacceptable to the Airports Authority;
2. Any surety fails to furnish reports on its financial condition as required by the Airports Authority; or
3. The revenue payable to the Airports Authority by the Contractor is increased so that the penal sum of any bond or guarantee as set forth in the contract becomes inadequate in the opinion of the Contracting Officer.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
ADDITIONAL BOND SECURITY. When the Contract requires the posting of a bond, guarantee or security, the Contractor shall promptly furnish additional security required to protect the Authority under this Contract when:
1. Any surety upon any bond required furnished with this Contract becomes unacceptable to the Authority;
2. Any surety fails to furnish reports on its financial condition as required by the Authority; or
3. The revenue payable to the Authority by the Contractor is increased so that the penal sum of any bond or guarantee as set forth in the contract becomes inadequate in the opinion of the Contracting Officer.
Appears in 1 contract
Samples: Concession Contract
ADDITIONAL BOND SECURITY. When the Contract requires the posting of a bond, guarantee or security, the Contractor shall promptly furnish additional security required to protect the Airports Authority under this Contract when:
1. Any surety upon any bond required furnished with this Contract becomes unacceptable to the Airports Authority;
2. Any surety fails to furnish reports on its financial condition as required by the Airports Authority; or
3. The revenue payable to the Airports Authority by the Contractor is increased so that the penal sum of any bond or guarantee as set forth in the contract becomes inadequate in the opinion of the Contracting Officer.Officer.β
Appears in 1 contract
Samples: Lease Agreement
ADDITIONAL BOND SECURITY. β When the Contract requires the posting of a bond, guarantee or security, the Contractor shall promptly furnish additional security required to protect the Airports Authority under this Contract when:
1. Any surety upon any bond required furnished with this Contract becomes unacceptable to the Airports Authority;
2. Any surety fails to furnish reports on its financial condition as required by the Airports Authority; or
3. The revenue payable to the Airports Authority by the Contractor is increased so that the penal sum of any bond or guarantee as set forth in the contract becomes inadequate in the opinion of the Contracting Officer.
Appears in 1 contract
Samples: Lease Agreement
