Common use of Bonds and Other Performance Security Clause in Contracts

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.

Appears in 3 contracts

Samples: Job Order Contract, Job Order Contract, Job Order Contract

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Bonds and Other Performance Security. Contractor shall provide the following performance bond and labor and material payment bond: (a) 10.10.1 Prior to execution of this Contracteach individual Job Order agreement, the Contractor contractor must provide a performance bond and a labor and materials bondpayment bond for all construction services, each in an amount equal to the full amount of initial Contract Price designated the agreed upon cost for construction services set forth in each Delivery that Job Order. (b) 10.10.2 Each such bond shall be executed by a surety company or companies holding a Certificate of Authority to transact surety business in the State state of Arizona, issued by the City Director 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 Contractthis Agreement. (c) 10.10.3 The bonds shall be made payable and acceptable to the City of BuckeyeSedona. (d) 10.10.4 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. . 10.10.4.1 If one Power of Attorney is submitted, it shall be for twice the total Contract amount. Job Order Price. 10.10.4.2 If two Powers of Attorney are submitted, each shall be for the total Contract amountJob Order Price. Personal or individual bonds are not acceptable. (e) 10.10.5 Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under the ContractContract Documents, the JOC Contractor shall promptly furnish a copy of the bonds or shall permit a copy to be made. (f) 10.10.6 All bonds submitted for this project shall be provided by a company which has been rated "A‐ or better" no less than B++6 by the A.M. Best Company.

Appears in 2 contracts

Samples: Job Order Contract, Job Order Contract

Bonds and Other Performance Security. Contractor shall provide the following performance bond and labor and material payment bond: (a) A. Prior to execution of this ContractAgreement, the Contractor CM@Risk must provide a performance bond and a labor and materials bond, each in an amount equal to the amount total contract price of initial Contract Price designated for construction services the GMP set forth in each Delivery Order. (b) this Agreement. Each such bond shall be executed by a surety company or companies holding a Certificate of Authority to transact surety business in the State state of Arizona, issued by the City Director of the Arizona Department of Insurance. A copy of the Certificate of Authority shall accompany the bonds. The Certificate shall have been issued issued, updated, or updated certified within two years prior to the execution of the Contract. (c) this Agreement. The bonds shall be made payable and acceptable to the City of Buckeye. (d) B. 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 amountcontract price of the GMP . If two Powers of Attorney are submitted, each shall be for the total Contract amountcontract price of the GMP. Personal or individual bonds are not acceptable. (e) C. Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under the ContractContract Documents, the Contractor CM@Risk 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 "AM Best rating of “A‐ or better" better for the prior four quarters” by the A.M. Best Company.

Appears in 1 contract

Samples: Construction Services Contract

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Bonds and Other Performance Security. Contractor shall provide the following performance bond and labor and material payment bond: (a) 10.9.1 Prior to execution of this ContractAgreement and/or amendment to this Agreement for any Work that includes construction, the Contractor Design-Builder must provide a performance bond and a labor and materials bond, each in an amount equal to the full amount of initial Contract Price designated for the construction services set forth in each Delivery Orderthe GMP. (b) 10.9.2 Each such bond shall be executed by a surety company or companies holding a Certificate of Authority to transact surety business in the State state of Arizona, issued by the City Director 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 Contractthis Agreement. (c) 10.9.3 The bonds shall be made payable and acceptable to the City of BuckeyeFlagstaff. (d) 10.9.4 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. . 10.9.4.1 If one Power of Attorney is submitted, it shall be for twice the total Contract GMP amount. . 10.9.4.2 If two Powers of Attorney are submitted, each shall be for the total Contract GMP amount. Personal or individual bonds are not acceptable. (e) 10.9.5 Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under the ContractContract Documents, the Contractor Design-Builder shall promptly furnish a copy of the bonds or shall permit a copy to be made. (f) 10.9.6 All bonds submitted for this project Project shall be provided by a company which has been rated "A‐ “A-, 7, or better" by the A.M. Best Company.

Appears in 1 contract

Samples: Design Build Services Agreement

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