Additional Bonding Requirements Sample Clauses
Additional Bonding Requirements. All bonds submitted shall include the following:
(a) Full name and address of Contractor, Surety, and District,
(b) Contract Date,
(c) Guaranteed Maximum Price,
(d) Project name, address, and job number,
(e) Signature of Contractor,
(f) Corporate Seal, if applicable,
(g) Signature of authorized Surety Representative,
(h) Notarization of Contractor and Surety,
(i) Power of Attorney,
(j) Local contact for Surety, with name, phone number, and address to which legal notices may be sent.
Additional Bonding Requirements. 27 All bonds submitted shall include the following:
Additional Bonding Requirements. (i) The Design-Build Performance Security and O&M Performance Security will be issued by a surety or insurance company that is in good standing and currently licensed to write surety bonds in the State of Louisiana by the Louisiana Department of Insurance and conform to the requirements of L.R.S. § 48:255(D).
(ii) The LA DOTD’s remedies against any Design-Build Performance Security or O&M Performance Security will not be conditioned on prior resort to any other security of, or provided for the benefit of, any Developer Party. The LA DOTD agrees to forebear from exercising remedies under any Design-Build Performance Security or O&M Performance Security so long as the Developer, a Lender or any other obligee under the Design-Build Performance Security or O&M Performance Security is diligently pursuing remedies thereunder; provided, however, that in no event shall such forbearance by the LA DOTD exceed 330 days from the date that any obligee calls upon the Design-Build Performance Security or O&M Performance Security.
(iii) The Developer will obtain and furnish all Design-Build Performance Security and O&M Performance Security and replacements thereof at its sole cost and expense, and will pay all charges imposed in connection thereof.
(iv) In the event the LA DOTD makes a permitted assignment of its rights and interests under this Agreement, the Developer will cooperate so that concurrently with the effectiveness of such assignment, either replacement Design-Build Performance Security or O&M Performance Security for, or appropriate amendments to, the outstanding Design-Build Performance Security or O&M Performance Security will be delivered to the assignee naming the assignee as replacement obligee, at no cost to the Developer.
(v) With respect to payment bond claims under either the Design- Build Performance Security or the O&M Performance Security, the LA DOTD and Developer agree to be bound by and to comply with the requirements and procedures set forth in L.R.S. §§ 48:256.6 through 48:256.12, and the Developer agrees to include in its Subcontracts a requirement that all eligible payment bond claimants be bound by and comply with the requirements and procedures set forth in L.R.S. §§ 48:256.6 through 48:256.12.