Common use of CONTRACT BOND Clause in Contracts

CONTRACT BOND. The successful Bidder shall provide an executed Contract Bond for the full Contract amount. This Contract Bond shall: 1. Be on a Contracting Agency-furnished form; 2. Be signed by an approved Surety (or Sureties) that: a. Is registered with the Washington State Insurance Commissioner, and b. Appears on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner, 3. Be conditioned upon the faithful performance of the Contract by the Contractor within the prescribed time; and 4. Guarantee that the Surety shall indemnify, defend, and protect the Contracting Agency against any claim of direct or indirect loss resulting from the failure: a. Of the Contractor (or any of the employees, Subcontractors, or lower tier subcontractors of the Contractor) to faithfully perform the Contract, or b. Of the Contractor (or the Subcontractors or lower tier subcontractors of the Contractor) to pay all laborers, mechanics, Subcontractors, lower tier subcontractors, materialperson, or any other person who provides supplies or provisions for carrying out the Work. The Contracting Agency may require Sureties or Surety companies on the Contract Bond to appear and qualify themselves. Whenever the Contracting Agency deems the Surety or Sureties to be inadequate, it may, upon written demand, require the Contractor to furnish additional Surety to cover any remaining Work. Until the added Surety is furnished, payments on the Contract will stop.

CONTRACT BOND. The successful Bidder bidder shall provide an executed Contract Bond contract bond for the full Contract contract amount. This Contract Bond contract bond shall: 1. Be on a Contracting Agency-furnished form; 2. Be signed by an approved Surety surety (or Suretiessureties) that: a. Is registered with the Washington State Insurance Commissioner, and b. Appears on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner, 3. Be conditioned upon the faithful performance of the Contract contract by the Contractor within the prescribed time; and 4. Guarantee that the Surety surety shall indemnify, defend, and protect the Contracting Agency against any claim of direct or indirect loss resulting from the failure: a. Of the Contractor (or any of the employees, Subcontractorssubcontractors, or lower tier subcontractors of the Contractor) to faithfully perform the Contractcontract, or b. Of the Contractor (or the Subcontractors subcontractors or lower tier subcontractors of the Contractor) to pay all laborers, mechanics, Subcontractorssubcontractors, lower tier subcontractors, materialperson, or any other person who provides supplies or provisions for carrying out the Workwork. The Contracting Agency may require Sureties sureties or Surety surety companies on the Contract Bond contract bond to appear and qualify themselves. Whenever the Contracting Agency deems the Surety surety or Sureties sureties to be inadequate, it may, upon written demand, require the Contractor to furnish additional Surety surety to cover any remaining Workwork. Until the added Surety surety is furnished, payments on the Contract contract will stop.