Bonds and Other Performance Security. 7.4.1 On or prior to the date of Financial Closing, if requested by Owner, the Design-Builder shall deliver to Owner a bond substantially in the form attached as Exhibit H (the “Performance Bond”) in an initial amount equivalent to the Contract Price. Owner shall pay on the date of Financial Closing all costs of obtaining such bond, plus pay Design-Builder a fee of seven and one half percent (7.5%) for obtaining such bond, such fee to be calculated by multiplying seven and one half percent (7.5%) times the cost of the Performance Bond. Any amounts payable to the surety due to Design-Builder’s default under this Agreement or the Performance Bond shall be for the account of Design-Builder.
(a) Design-Builder shall post additional bonds or security (which must be in form and substance satisfactory to Owner and the Lenders) or shall increase the amount of the Performance Bond by the amount of any increases to the Contract Price; provided, however, that Owner shall pay all costs of obtaining such bonds or security, plus pay Design-Builder a fee of seven and one half percent (7.5%) for obtaining such bonds or security, such fee to be calculated by multiplying seven and one half percent (7.5%) times the cost of the bonds or security.
(b) The Performance Bond shall secure the Design-Builder’s obligations to complete the Work in accordance with this Agreement.
7.4.2 On or prior to the date of Financial Closing, if requested by Owner, the Design-Builder shall deliver to Owner a bond substantially in the form attached as Exhibit I (the “Payment Bond”) in an initial amount equivalent to the Contract Price. Owner shall pay on the date of Financial Closing all costs of obtaining such bond, plus pay Design-Builder a fee of seven and one half percent (7.5%) for obtaining such bond, such fee to be calculated by multiplying seven and one half percent (7.5%) times the cost of the Payment Bond but any amounts payable to the surety due to Design-Builder’s default under this Agreement or the Payment Bond shall be for the account of Design-Builder.
(a) Design-Builder shall post additional bonds or security (which must be in form and substance reasonably satisfactory to Owner and the Lenders) or shall increase the amount of the Payment Bond by the amount of any increase to the Contract Price.
(b) The Payment Bond shall secure the Design-Builder’s obligations to pay its Subcontractors, vendors and suppliers.
(c) The Payment Bond shall provide the conditions upon which Subcontracto...
Bonds and Other Performance Security. Design-Builder shall provide the following performance bond and labor and material payment bond or other performance security:
Bonds and Other Performance Security. 5.4.1 If Owner requires Design-Builder to obtain performance and labor and material payment bonds, or other forms of performance security, the amount, form and other conditions of such security shall be as set forth in the Agreement.
Bonds and Other Performance Security. Contractor shall provide the following performance bond and labor and material payment bond:
(a) Prior to execution of this Contract, the Contractor must provide a performance bond and a labor and materials bond, each in an amount equal to the amount of initial Contract Price designated for construction services set forth in each Delivery Order.
(b) Each such 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 City of the Arizona Department of Insurance. A copy of the Certificate of Authority shall accompany the bonds. The Certificate shall have been issued or updated within two years prior to the execution of the Contract.
(c) The bonds shall be made payable and acceptable to the City of Buckeye.
(d) 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 Power of Attorney of the signing official. If one Power of Attorney is submitted, it shall be for twice the total Contract amount. If two Powers of Attorney are submitted, each shall be for the total Contract amount. Personal or individual bonds are not acceptable.
(e) Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under the Contract, the Contractor shall promptly furnish a copy of the bonds or shall permit a copy to be made.
(f) All bonds submitted for this project shall be provided by a company which has been rated "A‐ or better" by the A.M. Best Company.
Bonds and Other Performance Security. 5.2.1 Design-Builder shall procure performance and payment bonds executed by a surety acceptable to Department, each in the amount of one hundred percent (100%) of the Contract Price, and in accordance with all other requirements of the Contract Documents, including the Division I Amendments.
5.2.2 If the Design-Builder is structured as a limited liability company, partnership or joint venture, the bonding approach used will ensure that the members of such organizations will have joint and several liability for the performance of the Work required for the Project. A single 100% performance bond and a single 100% payment bond shall be provided regardless of any co-surety relationship.
Bonds and Other Performance Security. 10.4.1 Design-Build Subcontractor shall, upon execution of this Agreement or at any time during its performance of the Work if requested by Design-Builder, provide a 100% performance bond and a labor and material payment bond or other performance security acceptable to Design-Builder.
Bonds and Other Performance Security. Prior to execution of this Agreement, the CM@Risk shall provide a performance bond and a labor and materials bond, each in an amount equal to the total contract price of the GMP set forth in this Agreement.
Bonds and Other Performance Security. 6.2.1 Design-Builder shall furnish a Performance Bond and a Payment Bond in the forms provided in Exhibits F and G, respectively, or on any other form provided by City or approved by City. Design-Builder shall deliver to City, not later than fourteen (14) calendar days after the date of the award of the Contract letter issued by City, evidence satisfactory to City that Design-Builder is capable of furnishing the Bonds. The Performance Bond shall be furnished as a guarantee of the faithful performance of the requirements of the Contract Documents (including the obligation to pay liquidated damages) in an amount equal to one-hundred percent (100%) of the Contract Price. The Payment Bond shall secure payment of all claims, demands, stop payment notices, mechanics liens, or charges of material suppliers, mechanics or laborers employed by Design-Builder or by any Subcontractor or any person, form, or entity eligible to file a stop payment notice with respect to the Work in an amount equal to one-hundred percent (100%) of the Contract Price. Design-Builder shall maintain the Payment Bond in full force and effect until (a) Design- Builder has obtained unconditional releases pursuant to Civil Code § 8138 from all claimants who filed preliminary notice of a claim against the bond, or (b) expiration of the statutory period for claims against the bond. Bonds may be obtained through Design-Builder’s usual source and the cost thereof shall be included in the Contract Price.
6.2.2 The bonds shall be executed by California admitted surety with an A.M. Best Company minimum rating of no less than “A:IX”. If an A.M. Best rating is not available, the proposed surety must meet comparable standards of another rating service satisfactory to City. Bonds issued by a California admitted surety listed in the latest version of the U.S. Department of Treasury Circular 570 shall be deemed to be accepted unless specifically rejected
6.2.3 All such bonds shall be accompanied by a power of attorney for the surety company authorizing the person executing the bond to sign on behalf of the company. If the bonds are executed outside the State of California, all copies of the bonds must be countersigned by a California representative of the surety. The signature of the person executing the bond shall be acknowledged by a notary public as a signature of the person designated in the power of attorney.
6.2.4 If, during the continuance of the Contract, any of the sureties, in the opinion the City...
Bonds and Other Performance Security. 9.2.1 CM shall provide the following performance bond and labor and material payment bond or other performance security:
9.2.2 CM shall keep the Surety informed of the progress of the Work, and, where necessary, obtain the Surety's consent to and waiver of: (1) notice of changes in the Work; (2) request for reduction or release of retention; (3) request for final payment; and (4) any other material change required by the Surety. Owner may, in its sole discretion, inform the Surety of the progress of the Work and obtain consents as necessary to protect Owner's rights, interest, privileges, and benefits under and pursuant to any bond issued in connection with the Work.
Bonds and Other Performance Security. Contractor shall provide the following performance bond and labor and material payment bond:
(i) Prior to execution of this Contract, the Contractor must provide a performance bond and a labor and materials bond, each in an amount equal to the amount of initial Contract Price designated for construction services set forth in each Job Order.
(ii) Each such 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 City of the Arizona Department of Insurance. A copy of the Certificate of Authority shall accompany the bonds. The Certificate shall have been issued or updated within two years prior to the execution of the Contract.
