Bonds Performance Guarantees and Insurance Sample Clauses

Bonds Performance Guarantees and Insurance. 7.1 Maintenance Payment and Performance Bonds and Retainage Bonds 7.1.1 On or before 60 Days after issuance by TxDOT of Maintenance NTP1, 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 100% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed. 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations 7.1.8 In the e...
Sample 1
AutoNDA by SimpleDocs
Bonds Performance Guarantees and Insurance 
Sample 1Sample 2Sample 3See All (10)

Related to Bonds Performance Guarantees and Insurance

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire. 9.4.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee is not provided by the Concessionaire within a period of [90] days prior to expiry of the Performance Security, the Authority may invoke and encash the Performance Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!