Common use of After Final Acceptance of Clause in Contracts

After Final Acceptance of. each Segment and subject to the requirements herein, Developer may obtain a release of the Performance and Payment Bonds for such Segment by providing a warranty bond which shall guarantee performance of the Development Work required to be performed during the Warranty period for each Segment and which shall also constitute a payment bond guaranteeing payment to Persons performing such Development Work (“Warranty Bond”). The Warranty Bond shall be in an amount equal to 10% of the Price and shall be in the form attached hereto as Exhibit 12. Initially, the Warranty Bond shall apply to the first Segment to reach Final Acceptance. Upon Final Acceptance of each subsequent Segment, Developer may provide a rider to the Warranty Bond adding the remaining Development Work for such Segment to the scope of the Warranty Bond, provided that the penal sum shall not change. The Warranty Bond shall be released upon expiration of the Warranty Term and: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Warranty Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Warranty Bond, and (b) expiration of the statutory period for Subcontractors to file a claim against the Warranty Bond if no claims have been filed.

After Final Acceptance of. each Segment and subject to the requirements herein, Developer DB Contractor may obtain a release of the Performance and Payment Bonds for such Segment by providing a warranty bond which shall guarantee performance of the Development Work required to be performed during the Warranty period for each Segment and which shall also constitute a payment bond guaranteeing payment to Persons performing such Development Work (“Warranty Bond”). The Warranty Bond shall be in an amount equal to 10% of the Price and shall be in the form attached hereto as Exhibit 12. Initially, the Warranty Bond shall apply to the first Segment to reach Final Acceptance. Upon Final Acceptance of each the subsequent Segment, Developer DB Contractor may provide a rider to the Warranty Bond adding the remaining Development Work for such Segment to the scope of the Warranty Bond, provided that the penal sum shall not change. The Warranty Bond shall be released upon expiration of the Warranty Term and: (a) receipt of of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Warranty Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Warranty Bond, and (b) expiration of the statutory period for Subcontractors to file a claim against the Warranty Bond if no claims have been filed.