Bond Requirement Clause Samples

Bond Requirement. Company may require Contractor to furnish to Company a Performance and Payment Bond, underwritten by a surety company acceptable to Company, to guarantee the completion of the Work and the payment of all obligations, without proof according to law, for an amount equal to one hundred (100%) percent of the consideration of the Agreement. Contractor shall obtain and furnish the Performance and Payment Bond with Bond costs being included in Contract expense. Bond shall be provided to Company prior to execution of this Agreement.

Bond Requirement. Duke Energy Kentucky shall not be required to post a bond pursuant to K.R.S. 96.020(1) based upon the fact that it already owns a plant and equipment sufficient to render the service required under the Franchise hereby established. RECEIVED

Bond Requirement. Prior to the disbursement of any proceeds under this Agreement to CPC by the HTFC, CPC shall furnish to HTFC a blanket position fidelity bond (the "Bond") or its equivalent in insurance naming CPC as insured and HTFC as sole loss payee with a limit of liability in the amount determined by HTFC in accordance with the Policies and Procedures of HTFC covering all employees, executive officers and corporate directors of CPC who are or will be authorized by CPC to receive, handle, or disburse the proceeds of the Award ("Bonded Persons") with terms and in a form acceptable to HTFC in accordance with the Policies and Procedures of HTFC.

Bond Requirement. The Executive Director and such other persons employed by the Stanislaus Council of Governments as may be designated by the Stanislaus Council of Governments Policy Board, shall file with the Stanislaus Council of Governments Policy Board an official fidelity bond in a penal sum determined by the Stanislaus Council of Governments Board as security for the safekeeping of the Stanislaus Council of Governments’ property entrusted to the employee. However, if the Executive Director or other such persons designated are already bonded by another agency, no additional bonding shall be required by this section. Premiums for any bonds required under this section shall be paid by the Stanislaus Council of Governments.

Bond Requirement. Section 1. Unless waived by mutual consent between the Association and the Union, any employer who has materially defaulted on any monetary obligation arising under this Agreement or any preceding Agreement and which default was not, or is not corrected after written notice to the offending employer, then said offending employer shall be required to obtain and maintain during the term of this Agreement a surety bond in the amount of $25,000 guaranteeing to employees that payment of wages and fringe benefits accruing to them under the terms of this Agreement. Section 2. In the event of a failure, default, or refusal of the employer to pay an employee his wages when due, or to pay the fringe benefits accruing under the terms of this Agreement when due to the appropriate Union or Trust as provided herein, then in such event upon written notice to the employer and the bonding company, which notice may be from the employee, the Union, or the Trust as the case may be, may collect payment, costs, and reasonable attorneys fees from the applicable surety bond.

Bond Requirement. Depending on the individual project, the Contractor may be required to furnish the Contracting Agency the following bonds, which shall become binding upon the award of the contract to the Contractor. (A) A Performance Bond equal to the full contract (project) amount (or as specified) conditioned upon the faithful performance of the contract in accordance with plans, specifications and conditions thereof. Such bond shall be solely for the protection of the Contracting Agency awarding the contract. (B) A Payment Bond equal to the full contract (project) amount solely for the protection of claimants supplying labor and materials to the Contractor or his Subcontractors in the prosecution of the work provided for in such contract. Each bond shall include a provision allowing the prevailing party in a suit on such bond to recover as a part of his judgment such reasonable attorney’s fees as may be fixed by a judge of the court. Each bond shall be executed by a surety company or companies holding a certificate of authority to transact surety business in the State of Arizona issued by the Director of the Department of Insurance. The bonds shall not be executed by an individual surety or sureties. The bonds shall be made payable and acceptable to the Contracting Agency. The bonds shall be written or countersigned by an authorized representative of the surety who is either a resident of the State of Arizona or whose principal office is maintained in this state, as by law required, and the bonds shall have attached thereto a certified copy of the Power of Attorney of the signing official. In addition, said company or companies shall be rated “Best-A” or better as required by the Contracting Agency, as currently listed in the most recent Best Key Rating Guide, published by the A.M. Best Company.

Bond Requirement. Commercial Cannabis Business shall provide proof of a bond in the amount of Twenty-Five Thousand Dollars ($25,000.00) to cover the cost of enforcing the terms of Chapter 33 and this Agreement if necessitated by a violation of the licensing requirements.

Bond Requirement. Prior to initiating any construction of the Public Improvements, the Developer shall provide or cause to be provided to the City by contractors constructing the Public Improvements one original and one quality copy of the following construction bonds: a. Performance Bond. A good and sufficient Performance Bond in an amount equal to one hundred percent (100%) of the total cost of the Public Improvements, guaranteeing the full and faithful execution of the work and performance of this Agreement and for the protection of the City against any improper execution of the work or the use of inferior materials.

Bond Requirement. Section 1. Prior to or immediately upon any Employer becoming signatory to this Agreement they shall furnish the following to the Union.