Common use of BONDING OF SUBCONTRACTOR Clause in Contracts

BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a labor and material bond and performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor in its sole discretion and shall be in a form satisfactory to Contractor. Payment for the premium on said bonds shall be made as otherwise provided in the Contract Documents, and if not so provided, shall be the responsibility of Subcontractor. No change, alteration or modification in or deviation from this Subcontract Agreement or the plans or specifications shall release or exonerate, in whole or in part, any surety on any bond given in connection with this Subcontract Agreement, and neither Owner nor Contractor shall be obligated to notify any surety or sureties of any such change. In the event of a Default or threatened Default, Contractor shall have the right to demand that Subcontractor post a bond to secure performance of Subcontractor’s obligations under this Subcontract at Subcontractor’s sole expense.

BONDING OF SUBCONTRACTOR. Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a labor and material bond and performance bond, in an amount equal to one hundred percent (100%) of the Contract Price. Said bonds shall be executed by a corporate surety acceptable to Contractor in its sole discretion and shall be in a form satisfactory to Contractor. Payment for the premium on said bonds shall be made as otherwise provided in the Contract Documents, and if not so provided, shall be the responsibility of Subcontractor. No change, alteration or modification in or deviation from this Subcontract Agreement or the plans or specifications shall release or exonerate, in whole or in part, any surety on any bond given in connection with this Subcontract Agreement, and neither Owner Owner, General Contractor nor Contractor shall be obligated to notify any surety or sureties of any such change. In the event of a Default or threatened Default, Contractor shall have the right to demand that Subcontractor post a bond to secure performance of Subcontractor’s obligations under this Subcontract at Subcontractor’s sole expense.