Common use of Bonding Obligations Clause in Contracts

Bonding Obligations. Notwithstanding the Performance Securities obtained or to be obtained under or in connection with or pursuant to the Design-Build Contract, the Design Subcontract and/or the Operating and Maintenance Contract, and in recognition of the requirements of the Funding Agreements, the parties acknowledge that the Concessionaire is not required to deliver in favour of the Province as obligee, either a labour and material payment bond, or a performance bond in connection with the performance of the Concessionaire’s obligations under this Agreement.

Bonding Obligations. Notwithstanding the Performance Securities obtained or to be obtained under or in connection with or pursuant to the Design-Build Design­Build Contract, the Design Subcontract and/or the Operating and Maintenance Contract, and in recognition of the requirements of the Funding Agreements, the parties acknowledge that the Concessionaire is not required to deliver in favour of the Province as obligee, either a labour and material payment bond, or a performance bond in connection with the performance of the Concessionaire’s obligations under this Agreement.