Common use of Additional or Substitute Bond Clause in Contracts

Additional or Substitute Bond. 30.1 If at any time the Owner for justifiable cause shall be or become dissatisfied with any surety or sureties, then upon the Performance or Payment Bonds, the Contractor shall within five (5) days after notice from the Owner so to do, substitute an acceptable bond (or bonds) in such form and sum and signed by such other surety or sureties as may be satisfactory to the Owner. The premiums on such bond shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new surety or sureties shall have furnished such an acceptable bond to the Owner.

Additional or Substitute Bond. 30.1 If If, at any time time, the Owner owner for justifiable cause shall be or become dissatisfied with any surety Surety or sureties, then upon Sureties for the Performance or Payment BondsBond, the Contractor shall within five (5) 5 days after notice from the Owner owner so to do, substitute an acceptable bond (or bonds) in such form and sum and signed by such other surety Surety or sureties Sureties as may be satisfactory to the Owner. The premiums on such bond shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new surety Surety or sureties Sureties shall have furnished such an acceptable bond to the Ownerowner.