Bonds. The Contractor shall furnish both a performance bond and a payment bond and shall pay the premiums thereon as a Cost of the Work. The Performance Bond shall guarantee the full performance of the Contract.
Bonds. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for 100 percent of the amount of the Task Order Contract, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of 100 percent of the Task Order Contract, guaranteeing the faithful performance of the Contract; said bonds to be first approved by the office of the County Counsel and the County Executive Office of Orange County and shall be at minimum $500,000. Such bonds shall be the forms provided in these specifications, issued, and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by Orange County Sheriff-Coroner Department, the Contractor shall promptly furnish such additional security as may be required by Orange County Sheriff-Coroner Department or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.
Bonds. (a) A Five Year Bond of Roofs and Walls as shown in Section 7, Forms, written by a surety authorized to do business in the State of Georgia and in the penal sum of the actual cost of the walls, wall cladding, wall insulation, roof, insulation and roof deck, but not less than the amount shown in the approved initial breakdown for roof and wall systems. The effective date of the Bond shall be the Material Completion Date.
(b) Any Bonds to Discharge Claim issued to Trade Contractors and suppliers as shown in Section 7, Forms.
Bonds. Lessee shall be liable for all damages to the surface of the land, livestock, growing crops, water xxxxx, reservoirs, or improvements caused by Xxxxxx's operations on said land. No operations shall be commenced on the land hereinabove described unless and until Xxxxxx shall have filed a good and sufficient bond with Lessor, in an amount to be fixed by Lessor, to secure the payment for such damages as may be caused by Xxxxxx's operations on said land and to assure compliance with all the terms and provisions of this lease, the laws of the State of Colorado, and the rules and regulations thereto appertaining. A bond may be held in effect for the life of production of any well.
Bonds. No bond shall be required of the original Managing Trustee hereunder, and no bond shall be required of any successor Managing Trustee hereunder. If a bond is required by law, no surety or security with respect to such bond shall be required unless required by law.
Bonds. Contractor shall furnish performance or payment bonds, or both, that may be required by law or requested at any time by Con Edison (including, but not limited to, any payment bonds that are required by Section 137 of the New York State Finance Law when a municipality issues a permit that is subject to Section 220 of the Labor Law). Any and all such bonds shall be in a form and in an amount, and shall have a surety or sureties, acceptable to any governmental authority having jurisdiction and to Con Edison. The premiums for all such bonds which are required by law (including, but not limited to, any payment bonds required by Section 137 of the New York State Finance Law) or which have been requested by Con Edison prior to the time of the execution of the Contract or which are required by the Contract itself shall be deemed to be included in the Contract price, and no additional compensation shall be payable to Contractor with respect to such bonds. If a bond is required by Con Xxxxxx after the Contract is executed, Contractor shall be reimbursed for the cost thereof, without any markup if it has been previously approved by Con Edison, upon submission by Contractor of satisfactory evidence of payment therefor. No change order, extension of the time for completion, failure to enforce any rights arising under the Contract, or other act or forbearance of Con Edison shall operate to release or discharge any surety or sureties under any such bonds, and such bonds shall so provide.
Bonds. The Contractor shall provide the Owner with a performance bond in the form provided by the Owner, executed by a surety company licensed by the state of Tennessee prior to the commencement of the Work. Such bond shall be in an amount equal to the Contract Price unless otherwise stated in the Contract Documents. All bonds shall be accompanied by a current power of attorney.
Bonds. All bonds required by CITY shall be filed with the Office of the City Administrative Officer, Risk Management for its review and acceptance in accordance with Los Angeles Administrative Code (“LAAC”) Sections 11.47 et seq., as amended from to time.
Bonds. (1) In accordance with the provisions of Section 255.05, Florida Statutes prior to commencement of construction, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager’s fees. These bonds shall continue in effect for one (1) year after completion and acceptance of work. To be acceptable to the School District of Palm Beach County as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions:
(a) The Surety Company shall 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.
(b) The Surety Company shall have 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.
(c) The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code.
(d) The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued.
(e) If the Contract Award Amount exceeds $500,000.00, the Surety Company shall also comply with the following provisions:
1. The Surety Company shall have at least the following minimum ratings in the latest issue of Best’s Key Rating Guide. UP TO 5,000,000 A- CLASS V 5,000,000 TO 10,000,000 A- CLASS VI 10,000,000 TO 25,000,000 A- CLASS VII 25,000,000 TO 50,000,000 A- CLASS VIII 50,000,000 TO 100,000,000 A- CLASS IX
2. The Surety Company shall not expose itself to any loss on any one risk in a amount exceeding ten (10) percent of its surplus to policyholders, provided:
(a) Any risk or portion of any risk being reinsured shall be deducted in determining the limitation of the risk as prescribed in this section. These minimum requirements shall apply to the reinsuring carrier providing authorization or approval by the State of Florida, Department of Insurance to do business in this state have been met.
(b) In the case of the surety insurance company, in addition to the deduction for reinsurance, the amount assumed by any co-surety, the value of any security deposited, pledged or held subject to the consent of the surety and for the protection...
Bonds. The CONTRACTOR is required to provide or is not required to provide: a performance bond, a payment bond, a performance and payment bond each in the amount of DOLLARS ($ ).
