Common use of After Final Acceptance Clause in Contracts

After Final Acceptance. as a condition to release of the Performance and Payment Bonds, and subject to the requirements herein, DB Contractor shall provide a warranty bond naming TxDOT and the Authority, as their interests may appear, as obligees which shall guarantee performance of the Work required to be performed during the Warranty Term for all Warranties and which shall also constitute a payment bond guaranteeing payment to Persons performing such Work (“Warranty Bond”). The Warranty Bond shall be in an amount equal to 20% of the Price and shall be in the form attached hereto as Exhibit 12-A and shall include a dual obligee rider whereby the Authority is named as an additional obligee in the form attached hereto as Exhibit 12-B. The Warranty Bond shall be released upon expiration of the Warranty Term and issuance by TxDOT of a Certificate of Final Warranty Acceptance.

After Final Acceptance. as a condition to release of the Performance and Payment Bonds, and subject to the requirements herein, DB Contractor shall provide a warranty bond naming TxDOT and the Authority, as their interests may appear, as obligees which shall guarantee performance of the Work required to be performed during the Warranty Term for all Warranties and which shall also constitute a payment bond guaranteeing payment to Persons performing such Work (“Warranty Bond”). The Warranty Bond shall be in an amount equal to 20% of the Price and shall be in the form attached hereto as Exhibit 12-A and shall include a dual obligee rider whereby the Authority is named as an additional obligee in the form attached hereto as Exhibit 12-B. The Warranty Bond shall be released upon expiration of the Warranty Term and issuance by TxDOT of a Certificate of Final Warranty Acceptance.12-