Common use of Bonds and Other Performance Security Clause in Contracts

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. 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.joint