Construction Performance Bond. Prior to the commencement of construction required hereunder, Concessionaire shall furnish the State with a bond, listing Concessionaire's contractor(s) as principals, in a sum not less than fifty percent (50%) of the total cost of the construction. The bond shall guarantee faithful performance of the construction by Concessionaire’s contractor.
Construction Performance Bond. Before starting any construction or installation, Licensee shall furnish a performance bond in an amount calculated by multiplying the kW (AC) capacity of the System as described in this Agreement by $250/kW, which provides an estimate of the amount necessary to restore the Site and Licensed Area to its pre-installation condition in the event Licensee fails to complete the installation of the System in accordance with this Agreement. Trustees shall release to Licensee any such construction performance bond no later than first day of the second Contract Year.
8.9.1. Licensee Payment and Performance Bonds for initial physical construction: In addition to the Bond in Section 8.9, the Licensee shall furnish, for each counterpart signed, two surety bonds in the form prescribed by Trustees. Each bond shall be in an amount equal to 100 percent of the mutually agreed upon construction costs and executed by an admitted surety insurer licensed in the State of California and listed in the latest published United States Treasury Department list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies.” Reference the following websites: State of California Department of Insurance at: xxxxx://xxxxxxxxxxx.xxx.xxxxxxxxx.xx.xxx/companyprofile/companyprofil e and the US Treasury listing at: xxxxx://xxx.xxxxxx.xxxxxxxx.xxx/fsreports/ref/suretyBnd/c570.htm One of the surety bonds shall guarantee faithful performance of the installation work by the Licensee and the other shall secure payment of laborers, mechanics, or material men employed in connection with the installation work. Such bonds are subject to the approval of Trustees. The surety bonds required by this Subsection 8.9.1 shall remain in full force and effect during the term of the construction and for a period of one year after the Commercial Operation Date. Trustees shall release to Licensee all such bonds no later than the first day of the second Contract Year. If change order(s) exceed 110% of the mutually agreed upon construction costs, Trustees may demand in writing that the Licensee provide such further bonds or additional surety to the extent of such additional construction costs, not exceeding that originally required, as in Trustees’ opinion is necessary, considering the extent of the Installation Work remaining to be done.
Construction Performance Bond.
(a) The Concessionaire shall provide to FBR, by the Works Commencement Date, the Construction Performance Bond with a face value equivalent to [five] percent (5%) of the Pre-Estimated Project Cost, which shall answer for and guarantee the completion of the Works during the Construction Period. The Construction Performance Bond shall be in the form and content set forth in Schedule F (Form of Construction Performance Bond). The Financial Close Bond shall be returned to the Concessionaire simultaneously with the provision of the Construction Performance Bond. In the event that FBR refuses to return the Financial Close Bond, the Concessionaire shall not be obliged to submit the Construction Performance Bond and, in doing so, shall not be considered to be in breach of this Agreement.
(b) The Construction Performance Bond may be in the form of bank guarantee issued by a scheduled commercial bank of Pakistan as per requirements of the State Bank of Pakistan. The Construction Performance Bond shall be issued and maintained without any recourse on the Concessionaire, its assets or properties; and further shall not be secured through any encumbrance/charge on the Concession Area and shall remain valid till the start of operations phase.
Construction Performance Bond. Before beginning any construction work in or under the City streets requiring a street opening permit, Grantee shall furnish a performance bond to the City as is required for street opening permits. The bond shall run to the City with good and sufficient surety approved by the City and shall be maintained in a sum equal to the anticipated cost of the work to be performed, but not to exceed two million dollars ($2,000,000). The bond shall be subject to the approval of the City Attorney as to its adequacy under the requirements under this section. The bond shall be conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition under Section 13, General Use of and Construction in Right of Way. Grantee shall pay all premiums or costs associated with maintaining the bond, and shall keep the same in full force and effect at all times during the construction work. The bond shall provide that it may be terminated upon final approval of Grantee's construction work in or under the City streets by the City Engineer. Upon such approval, the City agrees to sign all documents necessary to release the bond in accordance with the terms of this sub section.
Construction Performance Bond. To: The Accountant-General Ministry of Finance Jerusalem Pursuant to the request of [name to be completed] (hereinafter: "The Applicant"), we hereby guarantee to pay you any sum, at your demand, up to the overall amount of one hundred twenty five million NIS (125,000,000 NIS) (hereinafter: "The Principal Amount"). Without derogating from the generality of the foregoing, the Principal Amount may be reduced following receipt by us of a Reduction Certificate issued by the Accountant General, or anyone on her behalf, in the format attached as Annex 1, by the amount stipulated therein, and in accordance with the provisions thereof. Linkage differentials shall be added to the Principal Amount or any part thereof, in accordance with the provisions set forth herein below (hereinafter, the Principal Amount, together with linkage differentials, shall be referred to as "The Amount of the Guarantee"). For the purpose of this Guarantee: the "General Consumer Cost of Living Index" or the "Index" - shall mean the Consumer Price Index (also known as the Cost of Living Index) including vegetables and fruits, which is published by the Israeli Central Bureau of Statistics, including that Index, even if it shall be published by any other Government Institution or in any other manner, and also including any official Index which shall replace it, whether it shall be made up with the same data on which the existing index is based or not. If another index shall replace the existing Index, the Israeli Central Bureau of Statistics shall determine the ratio between them. The "Basic Index" - shall mean the Index published in respect of the month of at a rate of points. [to be completed based on the Index known on the date of issuance of the guarantee] The "New Index" - shall mean the Index last published before actual payment under this guarantee. If at the time of payment of any amount under this Guarantee, the New Index shall be higher than the Basic Index, the Amount of the Guarantee shall be calculated as increased in a rate equal to the rate in which the New Index has increased in comparison with the Basic Index. If it shall transpire that the New Index is equal to the Basic Index or lower therefrom, the Amount of the Guarantee shall remain unchanged. We undertake to pay you, any sum specified in your written demand up to the Amount of the Guarantee, immediately and no later than fourteen (14) days from the date of receipt of such demand. Your demand for payment of the Amount of...
Construction Performance Bond. Prior to the issuance of the Notice to Proceed, the Concessionaire shall provide a Construction Performance Bond in an amount in NIS equivalent to $10 million, in the form attached to this Agreement as Annex N. The Construction Performance Bond will be valid from the date of issuance of the Notice to Proceed until Substantial Construction is attained by the Concessionaire and approved by the CTA.
Construction Performance Bond. Upon an application for a permit involving excavation, installation, construction, restoration or relocation of the Facilities and if required by the City, Franchisee shall furnish a performance bond (“Performance Bond”) written by a corporate surety reasonably acceptable to the city in an amount equal to 150% of the construction cost. The Performance Bond shall guarantee the following: (1) timely completion of construction; (2) construction in compliance with all applicable plans, permits, technical codes, and standards; (3) proper location of the Facilities as specified by the City; (4) restoration of the Rights-of-Way and other City properties affected by the construction; (5) submission of as-built drawings after completion of construction; and (6) timely payment and satisfaction of all claims, demands, or liens for labor, materials, or services provided in connection with the work which could be asserted against the City or City property. Said bond must remain in full force until the obligations secured are fully performed as determined by the City’s final inspection and approval process, a Maintenance Bond as described in Section 19.2 is submitted to the City, and the City has released the Performance Bond in writing.
Construction Performance Bond. Within three (3) business days of Commencement of Construction, Developer, or its General Contractor, shall furnish a performance bond issued by a reputable surety company in a form consistent with the standards of the industry as a guarantee of Developer’s meeting the construction-related Main Task “Finish” dates outlined in the Approved Project Schedule and any revisions thereto and the Substantial Completion of the Project. Said performance bond shall be subject to the approval of the City Manager and shall be with a surety and in a form reasonably satisfactory to City Manager. The total amount of the performance bond shall be forfeited in favor of the City if Developer fails to complete a Main Task by or achieve Substantial Completion of the Project by the “Finish” date outlined in the Project Schedule. A “Main Task” shall be defined as an item on the Approved Project Schedule whose failure to achieve the stated “Finish” date jeopardizes the Substantial Completion of the construction of the Project in a timeframe consistent with the Approved Project Schedule and shall include, but not be limited to, site plan approval, creation and approval of construction drawings, issuance of the building permits; construction commencement date, construction milestones, final inspection and construction completion, including completing exterior site improvements such as parking, hardscape and landscaping, designing and constructing the Project so that it satisfies the requirements of LEED Gold or Higher or Equivalent Certification, and occupancy permits as required by the County.
Construction Performance Bond. This Construction Performance Bond (“Bond”) is dated , 20 , is in the penal sum of $ , and is entered into by and between the parties listed below to ensure the faithful performance of the Construction Contract listed below. The Bond consists of this page and the Bond Terms and Conditions, Paragraphs 1 through 12, attached to this page. Any singular reference to (“Contractor”), (“Surety”), UMRWA (“UMRWA”) or other party shall be considered plural where applicable. CONTRACTOR: Firm Name: Address: SURETY: Firm Name: Address of Principal Place of Business: UMRWA: 00000 Xxxxxxxx Xxxx. South Valley Springs, CA 95252 Project Manager: Construction Contract: Location: Amador UMRWA, CA Construction Contract dated , 20 in the amount of $ . CONTRACTOR AS PRINCIPAL Company: (Corp. Seal) Signature: Name and Title SURETY Company: (Corp. Seal) Signature: Name and Title
Construction Performance Bond. In the event the Cable System is ------------------------------ further upgraded, removed, relocated or otherwise undergoes any reconfiguration or other change involving work costing more than $100,000, the City may require the Franchisee to provide a performance bond in a form and with a Company acceptable to the City to secure the faithful performance of such work, and to protect the City from any damages or expense arising out of the work, or the breach of any promise to perform it. The performance bond shall be in an amount equal to ten percent (10%) of the estimated total cost of the work, and in a form satisfactory to the City. Any performance bond required under this Section shall contain the following endorsement: "This bond may not be cancelled, or allowed to lapse, or the amount of the bond reduced until 30 days after receipt by each of the respective Clerks of the City of Manitowoc, by certified mail, of a written notice from the issuer of the bond of its intent to cancel the bond, to allow it to lapse, or to reduce the amount of the bond." Failure to maintain the performance bonds required herein shall constitute a material and substantial violation of this Agreement .
