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Common use of Bid and Performance Security Clause in Contracts

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observed, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied with, the Minister shall surrender the performance security.

Appears in 4 contracts

Samples: Supply Agreement, Supply Agreement, Supply Agreement

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 60 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observed, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied with, the Minister shall surrender the performance security.

Appears in 4 contracts

Samples: Transportation Agreement, Transportation Agreement, Transportation Agreement

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR. b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR. c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR. e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR. f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observed, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied with, the Minister shall surrender the performance security.

Appears in 3 contracts

Samples: Supply Agreement, Supply Agreement, Supply Agreement

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 60 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR b) a Bid Format irrevocable standby i rrevocable s tandby letter of credit on a Government G overnment approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour l abour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal e qual to 25% of the Contract Value, excluding HST which shall be retained r etained until the warranty period of one one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditionsc onditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observedo bserved, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied c omplied with, the Minister shall surrender the performance security.

Appears in 2 contracts

Samples: Transportation Agreement, Transportation Agreement

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 60 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observed, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied with, the Minister shall surrender the performance security.

Appears in 1 contract

Samples: Transportation Agreement

Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after Tender Closing: a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of: d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any portion thereof remaining to be done, should be taken out of the hands of the Contractor and be completed in any manner or way whatsoever than by the Contractor, or if the Contractor refuses or neglects to pay for work done or materials supplied by any person in connection with the said work, the Minister may, in either case dispose of said security for the carrying out of the construction and completion of the work of the Contract or for paying any salaries or wages for work done, or any accounts for materials supplied for the said works that may be left unpaid by the said Contractor. In the event of any breach, default or non-performance being made or suffered by the Contractor in or in respect of any of the terms and conditions, covenants, provisions, agreements, or restrictions herein contained, which on the part of the said Contractor should be observed, performed or complied with, the said security so delivered to or deposited with the Minister or by the Minister received in respect thereof, shall by the contractor, be forfeited absolutely to the Minister. Upon the due and faithful performance, observance and fulfilment by the Contractor of all the terms, provisions, covenants, agreements, conditions, reservations, hereinbefore contained, on the part of the Contractors to be observed, performed and complied with, the Minister shall surrender the performance security.

Appears in 1 contract

Samples: Supply Agreement