Bonds Required. The Contractor has furnished a satisfactory Performance Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing performance of the Work in accordance with the intent of the Plans and Specifications and the terms of the Contract as provided by law. The Contractor has furnished a satisfactory Payment Bond executed by the Contractor and its Surety (upon forms provided by the County) guaranteeing the payment of all labor and material claims in connection with the Work as provided by law. If, in the opinion of the County of Xxxxx, the financial position of the Surety shall no longer serve the best interest of the County and the public is no longer adequately protected, the County may require the Contractor to provide a new acceptable Surety. The Contractor shall not be reimbursed for substitution of the new Surety.
Bonds Required. Construction, installation and service contracts (including repair and alteration) exceeding $100,000 requires that a 100% Performance Bond be furnished by the successful bidder (contractor). Contracts exceeding $25,000 require that a 100% Payment Bond be furnished by the successful bidder (contractor). Bonds shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least A- X and included on the U.S. Department of the Treasury Listing of Approved Sureties (Dept. Circular 570). The contractor shall be responsible for obtaining bonds and shall absorb any and all costs of such Bonds.
Bonds Required. XxXxxxx shall furnish and deliver to the Client at or before the execution of this Agreement by XxXxxxx:
Bonds Required. The required bonds in the amounts required shall be furnished by the Contractor to the District, on the forms set forth in Exhibit “E”, “Faithful Performance Bond” and Exhibit “G”, “Labor & Material Bond”, attached hereto, and approved by the District to the commencement and throughout the duration of the work. The Contractor shall secure with a responsible corporate surety or corporate sureties, satisfactory bonds conditioned upon faithful performance by the Contractor, of all requirements under the contract and upon the payment of claims of material supplier and laborers thereunder. The Faithful Performance Bond shall be in the sum of not less than one hundred percent (100%) of the estimated aggregate amount of the payments to be made under the contract computed on the basis of the ANNUAL prices stated in the bid. The Payment Bond (Labor and Material Bond) shall be in the sum of not less than one hundred percent (100%) of the estimated aggregate amount of the ANNUAL payments to be made under the contract computed on the basis of the prices stated in the bid. The payment bond shall contain the original notarized signature of an authorized officer of the surety and affixed thereto shall be a certified and current copy of his power of attorney. The payment bond shall be unconditional and remain in force during the entire term of the contract agreement and shall be null and void only if the Contractor completely and faithfully pays all subcontractors and suppliers that have been approved in writing to perform in whole or part the services required herein.
(a) A copy of the “Certificate of Authority” of the Insurer or Surety issued by the Insurance Commissioner, which authorizes the Insurer or Surety to transact surety insurance in the State of California; or
(b) A certificate from the Clerk of the County of Ventura that the “Certificate of Authority” of the Insurer or Surety has not been surrendered, revoked, canceled, annulled, or suspended or, in the event the “Certificate of Authority” of the Insurer or Surety has been suspended, that renewed authority has been granted. Failure of Contractor to timely deliver these documents shall require the District to refrain from entering the agreement, as Contractor will be deemed to have failed to ensure the sufficiency of the Insurer or Surety to the satisfaction of the District, as required by the provisions of the Bond and Undertaking Law, Code of Civil Procedure 995.660. Upon receipt of any bonds, District shall...
Bonds Required. This Agreement shall have no force or effect whatsoever unless and until Contractor delivers to District a good and sufficient bond in the sum of Dollars ($ ) for the faithful performance of the Services to be done under the terms of this Agreement.
Bonds Required. Payment Bond and Performance Bond.
1.5 The Contractor shall perform all of the Work required by the Contract Documents as generally described below and more fully described on Exhibit O.
Bonds Required. The successful Bidder shall furnish satisfactory performance and payment bonds executed by a surety acceptable to the City which is licensed to do business in the State of Michigan, upon forms furnished by the City, each in the amount of the following:
a. Performance Bond with limits of amount of contract amount.
b. Labor and material bond with limits of amount of contract amount.
Bonds Required. XxXxxxx shall furnish and deliver to the Client at or before the execution of this Agreement by XxXxxxx:
i. Performance Bond – A performance bond for the installation portion of the Agreement at one hundred percent (100%) of the contract amount, conditioned upon the faithful performance of the contract in accordance with the plans, specifications and conditions of the contract, within the time specified therein. Such bond shall be solely for the protection of the Client. The surety company which issues said bond must be legally authorized to do business in the Commonwealth of Pennsylvania and must have a rating of B+, A or A+ as determined by the A.M. Best company or an equivalent rating agency deemed satisfactory to Client and must have a rating of A or better as determined by the A.M. Best Company or an equivalent rating agency deemed satisfactory to Client.
Bonds Required. The Contractor shall furnish (1) a performance and guaranty bond and a payment bond on forms provided by and from sureties acceptable to the Government, each in the amount of 20% of the contract price, or (2) comparable alternate performance security approved by the Government.
Bonds Required. Construction, installation and service contracts (including repair and alteration) valued at over $25,000 require that 100% Payment Bonds be furnished by the successful bidder (prime CONTRACTOR). Construction, installation and service contracts (including repair and alteration) valued at over $100,000 require that 100% Performance and Payment Bonds be furnished by the successful bidder (prime CONTRACTOR). All such bids must include a 10% Bid Bond. The OWNER does not bond SUB or SUB-SUB-CONTRACTORS. Any CONTRACTOR that elects to bond SUB or SUB- SUB-CONTRACTORS will do so at their own expense. The OWNER will notify the CONTRACTOR of any special bonding requirements for SUB or SUB-SUB-CONTRACTORS, if applicable. Bonds shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least “A- X” and included on the U.S. Department of the Treasury Listing of Approved Sureties (Dept. Circular 570). The CONTRACTOR shall be responsible for obtaining bonds and shall be responsible for the payment of all bonds with reimbursement by OWNER in accordance with contract documents.
