Bond Provisions. Should, in City’s sole opinion, any bond become insufficient or any surety be found to be unsatisfactory, Contractor shall renew or replace the affected bond within 10 days of receiving notice from City. In the event the surety or Contractor intends to reduce or cancel any required bond, at least thirty (30) days prior written notice shall be given to the City, and Contractor shall post acceptable replacement bonds at least ten (10) days prior to expiration of the original bonds. No further payments shall be deemed due or will be made under this Agreement until any replacement bonds required by this Section are accepted by the City. To the extent, if any, that the total compensation is increased in accordance with the Agreement, the Contractor shall, upon request of the City, cause the amount of the bonds to be increased accordingly and shall promptly deliver satisfactory evidence of such increase to the City. To the extent available, the bonds shall further provide that no change or alteration of the Agreement (including, without limitation, an increase in the total compensation, as referred to above), extensions of time, or modifications of the time, terms, or conditions of payment to the Contractor, will release the surety. If the Contractor fails to furnish any required bond, the City may terminate this Agreement for cause.
Bond Provisions. Should, in District’s sole opinion, any bond become insufficient or any surety be found to be unsatisfactory, Contractor shall renew or replace the effected bond within (ten) 10 days of receiving notice from District. In the event the surety or Contractor intends to reduce or cancel any required bond, at least thirty (30) days prior written notice shall be given to the District, and Contractor shall post acceptable replacement bonds at least ten (10) days prior to expiration of the original bonds. No further payments shall be deemed due or will be made under this Contract until any replacement bonds required by this Section are accepted by the District. To the extent, if any, that the Total Contract Price is increased in accordance with the Contract, Contractor shall, upon request of the District, cause the amount of the bond to be increased accordingly and shall promptly deliver satisfactory evidence of such increase to the District. If Contractor fails to furnish any required bond, the District may terminate the Contract for cause.
Bond Provisions. Should, in the Authority’s sole opinion, any bond become insufficient or any surety be found to be unsatisfactory, Contractor shall renew or replace the effected bond within (ten) 10 days of receiving notice from the Authority. In the event the surety or Contractor intends to reduce or cancel any required bond, at least thirty (30) days prior written notice shall be given to the Authority, and Contractor shall post acceptable replacement bonds at least ten (10) days prior to expiration of the original bonds. No further payments shall be deemed due or will be made under this Contract until any replacement bonds required by this Section are accepted by the Authority. To the extent, if any, that the Total Contract Price is increased in accordance with the Contract, Contractor shall, upon request of the Authority, cause the amount of the bond to be increased accordingly and shall promptly deliver satisfactory evidence of such increase to the Authority. If Contractor fails to furnish any required bond, the Authority may terminate the Contract for cause.
Bond Provisions. Should, in Town’s sole opinion, any bond become insufficient or any surety be found to be unsatisfactory, Contractor shall renew or replace the effected bond within (ten) 10 days of receiving notice from Town. In the event the surety or Contractor intends to reduce or cancel any required bond, at least thirty (30) days prior written notice shall be given to the Town, and Contractor shall post acceptable replacement bonds at least ten (10) days prior to expiration of the original bonds. No further payments shall be deemed due or will be made under this Contract until any replacement bonds required by this Section are accepted by the Town. To the extent, if any, that the Total Contract Price is increased in accordance with the Contract, Contractor shall, upon request of the Town, cause the amount of the bond to be increased accordingly and shall promptly deliver satisfactory evidence of such increase to the Town. If Contractor fails to furnish any required bond, the Town may terminate the Contract for cause.
Bond Provisions. Section 1. Each Employer shall be required to post with the Union, a cash or surety bond in a form satisfactory to the Trustees of the Trust Funds referred to in Articles XVI, XVII, AND XX, in the face amount of $5,000, which shall cover all of the Trust Funds referred to above. Any such surety bond shall assure payment of all sums required to be paid to such Trust Funds under this Agreement in the event of the Employer’s subsequent delinquency as to any or all such Trust Funds, and it shall be kept in force and be maintained in full amount for a period of not less than twelve (12) consecutive calendar months during which no delinquency has occurred on the part of the Employer.
Section 2. The requirements of Section 1 shall not apply to any Employer that, during the twelve (12) consecutive months immediately preceding the effective date of this Agreement, timely has made all the payments required to be paid to the several Trust Funds pursuant to the collective bargaining agreement requiring the payment of contributions to such Trust Funds.
Bond Provisions. The following provisions shall apply to the bonds in this Section:
(a) The Agency shall be named as the beneficiary of the bonds. Company's bonds shall provide that the insurer or bonding company shall pay losses suffered by the Agency directly to the Agency. Company or its insurer shall provide the Agency thirty (30) days prior written notice that the bond(s) has been renewed together and of any attempt to cancel or to make any other material changes in the status, coverage or scope of the required bond or of Company's failure to pay bond premiums. The cost of bonds shall be reflected as a project cost and included in the Development Plan.
(b) The Company shall ensure they follow Section 255.05 “Bond of contractor constructing public buildings; form; action by materialmen” of the Florida Statutes.
(c) No payments shall be made to Company until the bond is in place as per Section 255.05 Florida Statutes.
(d) To be acceptable to the Agency as surety for performance bonds, the Surety Company shall:
(i) Have a currently valid Certificate of Authority, issued by the State of Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida
(ii) Have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code.
(iii) Be in full compliance with the provisions of the Florida Insurance Code
(iv) Have a minimum Best's Policyholder Rating of A- or Performance Index Rating of VI from Best's Key Rating Guide.
Bond Provisions. 28.01. Pursuant to Section 2253.021 of the Texas Government Code, for all public works contracts with governmental entities, a payment bond is required if the Contract Amount exceeds $50,000, and a performance bond is required if the Contract Amount exceeds $100,000. Below those amounts, the City may require payment and/or performance bonds. In the event a performance or payment bond or both is required either by law or in the City’s discretion, such bonds shall be executed in accordance with all requirements of Article 7.19-1 of the Texas Insurance Code, all other applicable law, and the following:
(a) The Contractor shall execute performance and payment bonds for the full Contract Amount.
(b) The bond surety shall be authorized under the laws of the State of Texas to provide a performance and payment bond and shall have attached proof of authorization of the surety to act in the performance and payment of bonds.
(c) The Contractor shall provide original, sealed, and complete counterparts of the executed bonds in the forms required by the Contract Documents, which are attached as Exhibit C, together with valid original powers of attorney, at the time of execution of this Agreement, approved by City, prior to the commencement of work. Copies of the executed bonds shall be attached hereto as Exhibit C.
(d) The performance and payment bonds shall remain in effect for a period of one
(1) year after Final Completion of the work and shall be extended for any warranty work to cover the warranty period. DocuSign Envelope ID: E664D4D2-A1BE-40E6-B775-B52337A89F46 DocuSign Envelope ID: 99F4B787-66E4-4283-BCC4-387B27DE8B50
(e) If at any time during the execution of this Agreement in the required period thereafter, the bond or bonds become invalid or ineffective for any reason, the Contractor shall promptly supply within ten (10) days such other bond or bonds, which bond or bonds shall assure performance or payment as required.
28.02. The Contractor may make such changes and alterations as the City may require in the work or any part thereof without affecting the validity of this Agreement and any accompanying bond. If such changes or alterations diminish the quantity of the work to be done, they shall not constitute the basis for any claim for damages or anticipated profits. If the City makes changes or alterations that render useless any work already done or material already used in said work, then the City shall compensate the Contractor for any material or labor s...
Bond Provisions. (Applicable only to State Bond Funding encumbered
Bond Provisions. Not applicable.
Bond Provisions. Section 1. Each Employer shall be required to post with the Union, a cash or surety bond in a form satisfactory to the Trustees of the Trust Funds referred to in Articles XVI, XVII, AND XVIII, in the face amount of $15,000 for 1-5 covered employees, $50,000 for 6-20 covered employees and $100,000 for Over 20 covered employees, which shall cover all of the Trust Funds referred to above. Any such surety bond shall assure payment of all sums required to be paid to such Trust Funds under this Agreement in the event of the Employer’s subsequent delinquency as to any or all such Trust Funds, and it shall be kept in force and be maintained in full amount for a period of not less than twelve (12) consecutive calendar months during which no delinquency has occurred on the part of the Employer.
Section 2. The requirements of Section 1 shall not apply to any Employer that, during the twelve (12) consecutive months immediately preceding the effective date of this Agreement, timely has made all the payments required to be paid to the several Trust Funds pursuant to the collective bargaining agreement requiring the payment of contributions to such Trust Funds.
