Common use of Construction Bonding Clause in Contracts

Construction Bonding. a) Provide the total proposed amount for construction efforts by Sub-CLIN and total contract. Provide a construction amount for each fiscal year of the POP (i.e. Fiscal Year 1, Fiscal Year 2, Fiscal Year 3, etc. based on chronological milestone payment date). Provide the bonding fee total and the bonding fee by year. b) Provide assertion that the Prime Contractor can meet the bonding requirements of the contract (100% performance and payment bond) with respect to the proposed totals for construction by year. Provide proof of excess bonding capacity commensurate with the proposed amount for construction with bonding capability letters from an approved surety listed with the Department of Treasury. Letters must be notarized and signed by an authorized representative of the surety. Letters signed by agents are unacceptable unless accompanied by a Power of Attorney granting proper authority to the agent. Bonding capability must be for the Prime only (stacking of Teaming Partners/subcontractor bonds will not be accepted).

Appears in 4 contracts

Samples: Contract, Contract, Contract

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