CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS Sample Clauses

CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS. Concessionaire agrees that before commencing any work or construction, Concessionaire shall require the contractors building or installing any Improvements to maintain, at all times, a valid payment bond and a valid performance bond, in accordance with Section 255.05 of the Florida Statutes, which bonds shall be in an amount not less than the amount covering the full amount of the work being performed. Each bond must be rated and A- or higher and must guarantee to County the completion of the work being performed by the contractors as well as full payment of all suppliers, material suppliers, laborers or subcontractors employed in the project.
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CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS. 7.1 Due Diligence and Construction Letters of Credit. In addition to the Letter of Credit required in Article 30, within five (5) Days after the Effective Date, Lessee shall provide County with a Letter of Credit in the amount of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (the "Initial Phase 1 LC") as security for the activities by Lessee during the Due Diligence Period and for the construction requirements for the Phase 1 Improvements established in Article 6. Upon the actual commencement of the construction activities required for Phase 1 Improvements or at the end of the Due Diligence Period, whichever shall occur first, Lessee shall provide County with an additional Letter of Credit (the "Second Phase 1 LC") in the amount of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00). Additionally, Lessee shall provide County with a Letter of Credit for the Phase 2 Improvements (the "Phase 2 LC"), no later than five (5) days after the notice to proceed for the Phase 2 Improvements is delivered to Lessee from the Aviation Department, in the amount of Five Hundred Thousand Dollars ($500,000.00) for the Phase 2 Improvements described in Article 6 (the Initial Phase 1 LC, the Second Phase 1 LC, and the Phase 2 LC are collectively referred to as the "Letters of Credit)"). The Letters of Credit, which term shall be deemed to include each replacement thereof, shall (a) be irrevocable, (b) be issued by a federally or state chartered bank (the "Issuer") reasonably acceptable to County, (c) be in the amounts established in this section for the Improvements described in Article 6, and be maintained with an undrawn balance of at least the amount required in this section, (d) have an expiration date no earlier than the last day of the current Lease Year, and (e) be in a form reasonably acceptable to County. The Letters of Credit shall provide that they may be drawn against, in whole or in part, in accordance with the procedures of this Article 7 by presentation to the Issuer of a sight draft, with no other requirements as a condition of drawing on each of the Letters of Credit. On or before one hundred twenty (120) Days prior to the expiration date of each Letter of Credit, Lessee shall provide County with reasonable evidence that Lessee has renewed the Letter of Credit for a period of no less than one (1) year from its then current expiration date in the amount indicated below. The Letters of Credit shall be deemed a parent guarantee. (a) The Init...
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CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS. (a) Security Deposit for Due Diligence and Construction of Improvements. The Lessee agrees to provide the County with a "Construction Security Deposit" in the form of cash or letter of credit in the amount of One Million Dollars ($1,000,000.00) as ten percent (10%) of the Minimum Capital Expenditure Requirement for the Improvements described by Subsection 6(b). Such Construction Security Deposit shall serve as liquidated damages in the event Lessee fails to expend the Minimum Capital Expenditure Requirement on the Improvements described by Subsection 6(b) or fails to complete such Improvements in accordance with the phasing schedule established by Subsection 6(b). Lessee must post One Hundred Thousand Dollars ($100,000.00) of the Construction Security Deposit with the Aviation Department prior to the Effective Date of this Agreement, the remaining portion of the Construction Security Deposit must be posted with the Aviation Department on the earlier to occur of: (i) the last day of the Due Diligence Period; or (ii) approval of the plans and specifications pursuant to Section 6(h). Lessee covenants and agrees as follows: (1) If Lessee properly notifies the Aviation Department of the non-acceptance of the Development Parcel in accordance with Subsection 3(b), above, and returns the Development Parcel to the County in the same condition it was in on the Commencement Date, the Aviation Department shall return the Construction Security Deposit to Lessee within ninety (90) days of receipt of Xxxxxx’s written request. If Xxxxxx fails to return the Development Parcel to the County in the same condition it was in on the Commencement Date, and County incurs any costs associated with returning the Development Parcel to the same condition it was in on the Commencement Date, County may draw down on the Construction Security Deposit to cover said costs. (2) If Lessee accepts the Development Parcel in accordance with Subsection 3(b), above, and Lessee fails to perform its obligations to expend the amount of the Minimum Capital Expenditure Requirement on the Improvements described in Subsection 6(b) and in accordance with the phasing schedule established therein, the County may retain that portion of the Construction Security Deposit as liquidated and agreed-upon damages as follows: (i) in the event Lessee fails to expend a minimum of Six Million Dollars ($6,000,000.00) required to be spent on construction of Phase 1 Improvements by the Phase 1 Date, or Lessee fails to co...
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CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS 
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Related to CONSTRUCTION CONTRACTS, BONDS, INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR CONTRACTORS

  • Contractor Insurance Requirements When performing Work on property in the care, custody, or control of the Judicial Council, the Contractor shall maintain all commercial general liability insurance, workers’ compensation insurance, and any other insurance the Judicial Council deems appropriate under the Agreement. Upon request from the Judicial Council, the Contractor shall furnish an insurance certificate evidencing required insurance coverage acceptable to the Judicial Council. The Contractor may also be required to have the Judicial Council shown as an additional insured on selected policies.

  • WAIVER OF LIABILITY, ASSUMPTION OF RISK, AND INDEMNITY AGREEMENT I, , IN CONSIDERATION of being permitted to participate in any way in the Rocky Mountain Cycling Club 200 km Brevet calendared for April 9, 2022 (“Activity”), I hereby acknowledge, agree, attest and represent the following:

  • Indemnification and Insurance (a) Parent, Merger Sub and GP Merger Sub agree that all rights to exculpation, indemnification and advancement of expenses for acts or omissions occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, now existing in favor of any of the current or former Indemnified Parties as provided in the Organizational Documents of the Partnership, the General Partner or any Subsidiary thereof or in any agreement between the Partnership, the General Partner or any Subsidiary thereof, on the one hand, and the Indemnified Party, on the other hand, shall survive the Mergers and shall continue in full force and effect. For a period of six years from the Effective Time, Parent and the Surviving Entities shall maintain in effect any and all exculpation, indemnification and advancement of expenses provisions of the Partnership’s, the General Partner’s and any of their respective Subsidiaries’ Organizational Documents in effect immediately prior to the Effective Time (including the Organizational Documents of the Partnership and the General Partner) or in any indemnification agreements of the General Partner, the Partnership or their respective Subsidiaries with any of their respective current or former Indemnified Parties in effect immediately prior to the Effective Time, and shall not amend, repeal or otherwise modify any such provisions or the exculpation, indemnification or advancement of expenses provisions (and Parent, Merger Sub and GP Merger Sub shall not authorize or consent to any such amendment, repeal or other modification) of the Surviving Entities’ certificate of limited partnership, certificate of formation, partnership agreement and limited liability company agreement, as applicable, in any manner that would adversely affect the rights thereunder of any individuals who immediately before the Effective Time were current or former Indemnified Parties; provided, however, that all rights to indemnification in respect of any Action pending or asserted or any claim made within such period shall continue until the final disposition of such Action or resolution of such claim. From and after the Effective Time, Parent shall assume, be jointly and severally liable for, and honor, guaranty and stand surety for, and shall cause the GP Surviving Entity, Surviving Entity and its Subsidiaries to honor and perform, in accordance with their respective terms, each of the covenants contained in this Section 5.10 without limit as to time. (b) Parent and the Surviving Entities shall jointly and severally, to the fullest extent permitted under Law, indemnify and hold harmless (and advance funds in respect of each of the foregoing) each current and former director, officer or employee of the Partnership, General Partner or any of their respective Subsidiaries and each Person who served as a director, officer, member, trustee, agent or fiduciary of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise if such service was at the request or for the benefit of the Partnership, General Partner or any of their respective Subsidiaries (each, together with such Person’s heirs, executors or administrators, an “Indemnified Party”), in each case against any costs or expenses (including advancing attorneys’ fees and expenses and other costs and expenses in advance of the final disposition of any claim, suit, proceeding or investigation to each Indemnified Party to the fullest extent permitted by Law; provided, however, that the Indemnified Party to whom expenses are advanced provides an undertaking consistent with the Organizational Documents of the Partnership and the General Partner to repay such amounts if it is ultimately determined that such Person is not entitled to indemnification), judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection with any actual or threatened claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative and including any matters addressed by alternative dispute resolution mechanism(s) (an “Action”), arising out of, relating to or in connection with their status, services or duties as an Indemnified Party or any action or omission by them in their capacities as such occurring or alleged to have occurred whether before or after the Effective Time (including acts or omissions in connection with such Indemnified Party serving as an officer, director, employee, agent or other fiduciary of any entity if such service was at the request or for the benefit of the Partnership and in all cases including any matters pertaining or relating to this Agreement, the transactions contemplated hereby and any approvals, determinations or processes relating to the foregoing). In the event of any such Action, the Surviving Entities shall cooperate with the Indemnified Party in the defense of any such Action. (c) For a period of six years from the Effective Time, Parent shall cause to be maintained in effect the coverage provided by the policies of directors’ and officers’ liability insurance and fiduciary liability insurance in effect as of the date hereof by the General Partner, Partnership and their respective Subsidiaries with respect to matters existing or arising on or before the Effective Time; provided, however, that Parent shall not be required to pay annual premiums in excess of 300% of the last annual premium paid by the Partnership prior to the date hereof (the “Maximum Amount”) in respect of the coverages required to be obtained pursuant hereto and if the cost of the coverages required to be obtained pursuant hereto exceeds the Maximum Amount, Parent shall purchase as much coverage as reasonably available for the Maximum Amount. If the Partnership in its sole discretion elects, then the Partnership may, prior to the Effective Time, purchase (and prepay in full the aggregate premium for) a “tail policy,” that by its terms survives the Effective Time and the transactions contemplated hereby, with respect to acts or omissions occurring or alleged to have occurred prior to the Effective Time that were committed or alleged to have been committed by such Indemnified Parties in their capacity as such or relating to their status, service or duties as Indemnified Parties (with such policy having at least the same coverage and amounts and containing terms and conditions that are no less favorable to the covered individuals as existing policies); provided that in no event shall the Partnership be permitted to pay as the cost of such policy in excess of six times the Maximum Amount and, if such a “tail policy” is purchased, Parent shall have no further obligations under this Section 5.10(c) other than that the Surviving Entity shall, and Parent shall cause the Surviving Entity to, maintain such policies in full force and effect, and continue to honor the obligations thereunder. (d) Parent shall pay all reasonable expenses, including reasonable attorneys’ fees, that may be incurred by any Indemnified Party in enforcing the indemnity and other obligations provided in this Section 5.10. (e) The rights of each Indemnified Party shall be in addition to, and not in limitation of, any other rights such Indemnified Party may have under the certificates of limited partnership or partnership agreement or other organization documents of the Partnership or any of its Subsidiaries or the Surviving Entities, any other indemnification arrangement, the Delaware LP Act, the Delaware LLC Act or otherwise. (f) In the event Parent, the Surviving Entities or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity in such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, and in either such case, proper provision shall be made so that the successors and assigns of Parent or the Surviving Entities, as the case may be, shall assume the obligations of such party set forth in this Section 5.10. Nothing in this Agreement is intended to, shall be construed to or shall release, waive or impair any rights to directors’ and officers’ insurance claims under any policy that is or has been in existence with respect to the General Partner, Partnership or any of their respective Subsidiaries or their respective officers, directors and employees, it being understood and agreed that the indemnification provided for in this Section 5.10 is not prior to, or in substitution for, any such claims under any such policies. (g) Following the Effective Time, the obligations of Parent and the Surviving Entities under this Section 5.10 shall not be terminated, amended or modified in any manner so as to adversely affect any Indemnified Party (including their successors, heirs and legal representatives) to whom this Section 5.10 applies without the consent of such Indemnified Party. It is expressly agreed that, notwithstanding any other provision of this Agreement that may be to the contrary, (i) following the Effective Time, the Indemnified Parties to whom this Section 5.10 applies shall be third-party beneficiaries of this Section 5.10, and (ii) this Section 5.10 shall survive consummation of the Mergers and shall, following the Effective Time, be enforceable by such Indemnified Parties and their respective successors, heirs and legal representatives against Parent and the Surviving Entity and their respective successors and assigns.

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