Common use of Assignment of Deposit Clause in Contracts

Assignment of Deposit. Contractor hereby assigns, transfers, and sets over to the City all of Contractor’s right, title, and interest in and to the full proceeds of the Deposit and also hereby assigns, transfers, and sets over to the City the right to use the Deposit in the event of any default or noncompliance in the performance for which this bond is posted and filed.

Assignment of Deposit. Contractor Developer hereby assigns, transfers, transfers and sets over to the City all of ContractorDeveloper’s right, title, title and interest in and to the full proceeds of the Deposit and also hereby assigns, transfers, transfers and sets over to the City the right to use the Deposit in the event of any default or noncompliance in the performance for which this bond is posted and filed.