Contract Bonds. Contract bonds shall conform to the requirements of Section 103.05.
Contract Bonds. It is agreed and understood that this Contract will be governed by the documents listed above.
Contract Bonds. At the time this contract is executed, Contractor shall provide the payment and performance bonds. The performance bond shall guarantee the faithful performance of the contract by the Contractor and shall be in the amount of one hundred percent (100%) of the contract price. The payment bond shall secure the payment of the claims of subcontractors, materialmen and employees, shall contain all other provisions required by law, and shall be in a sum equal to at 100% of the contract price as provided in Section 9554 of the Civil Code. Whenever the City Manager has cause to believe that the surety has become insufficient, he may demand in writing of Contractor further bonds or additional surety.
Contract Bonds. 7.01 The Contract shall become effective and in full force upon the execution of this agreement, concurrently with the delivery of a bond issued by a Surety Company acceptable to Owner in its sole discretion, such Surety being qualified and rated in accordance with Article 42.08 of Document 00700, General Conditions of the Contract, and approved by the United States Treasury Department and licensed to do business in the State of Florida.
7.02 This Agreement must be executed and signed by a resident agent having an office in Florida, representing such Surety Company, for one hundred per cent (100%) of the Contract price, said bond guaranteeing the performance of this Contract and as security for the payment of all persons performing labor and providing materials in connection with this Contract.
7.03 The form of Bonds required is included elsewhere in the Contract Documents. This is in addition to any bonds of subcontractors or others.
7.04 Insurance Provider and Surety: Refer to Document 00700 - General Conditions, Article
Contract Bonds. The Contract shall become effective and in full force only upon the execution of this agreement. The payment and performance bonds issued by a Surety Company acceptable to SBBC in its sole discretion, such Surety being qualified and rated in accordance with the General Conditions of the Contract, and approved by the United States Treasury Department and licensed to do business in the State of Florida shall be delivered with the executed GMP Addendum in Exhibit J. The GMP Addendum must be executed and signed by a resident agent having an office in Florida, representing such Surety Company, for one hundred per cent (100%) of the Contract price, said bond guaranteeing the performance of this Contract and as security for the payment of all persons performing labor and providing materials in connection with this Contract. The form of Bonds required is included elsewhere in the Contract Documents. This is in addition to any bonds of subcontractors or others as required herein.
Contract Bonds. The securities (Performance and Payment Bonds) furnished by the contractor and the surety as a guarantee that the contractor will fulfill the terms of the contract in accordance with the specifications, drawings and other contract documents.
Contract Bonds. The Contractor shall furnish three (3) good and sufficient bonds. These bonds shall be in the amount and for the purposes specified below. They shall be surety bonds issued by corporations duly and legally licensed to transact business in the State of California. They shall be issued at the expense of the Contractor, and shall be maintained by him at his expense during the entire life of the Contract. The City shall determine the acceptability of all proposed surety companies.
2-3.01 Performance One (1) bond shall be in the amount of one hundred percent (100%) of the Contract Price and shall guarantee faithful performance of the Contract and insure the City during the life of the Contract.
Contract Bonds. A. The Bidder whose Bid is accepted agrees to furnish the Contract Bonds in the forms which follow in Section 00600, titled CONTRACT BONDS, each in the sum of the full amount of the Bid and/or Contract Price as determined by the Engineer, and duly executed and acknowledged by the said bidder as Principal and by a surety company qualified to do business under the laws of Massachusetts and satisfactory to the Owner, as Surety, for the faithful performance of the contract and payment for labor and materials. The premiums for such Bonds shall be paid by the Contractor.
B. Surety Companies executing the Contract Bonds must also appear on the U.S. Treasury Department's most current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (Amended) by the Audit Staff Bureau of Accounts.
Contract Bonds. Based on the approval from the Owner, the undersigned, as Contractor, has included in the above base bid sum the cost of a 100% performance bond and a 100% payment bond. The cost of said bonds are $ NO REQUIRED . The BOND amount ($$) shall not be included in your General Conditions, General Requirements, Division 1-16, and shall be a separate line-item. Do not include Bond amount in any of the Division 1 -16 breakdowns. The Contractor agrees to reduce the agree contract amount by the above cost of the performance and payment bonds if the Owner so desires and the lending institution allows the waiving of this requirement for bonds. The Contractor agrees to furnish bonds covering the faithful performance of the Agreement and payment of all obligations arising there under in the form shown in the bidding documents and in full amount of the bid and with sureties having capability for bonding 100% of the amount of the bid, and with a Standards & Poors rating of at least A.
