Contract Security – Bonds Sample Clauses
Contract Security – Bonds. 13.2.1 Developer shall furnish two surety bonds issued by a California admitted surety insurer as follows:
Contract Security – Bonds. Prior to commencing any Work pursuant to this Contract, Contractor shall furnish a Payment Bond issued by a California admitted surety in an amount at least equal to one hundred percent (100%) of the Project for payment of persons performing labor and/or furnishing materials in connection with this Contract. All bonds related to this Contract shall be in a form acceptable to the Court.
Contract Security – Bonds. (a) If the amount of this Contract exceeds $150,000, the Contractor shall furnish a performance bond in an amount at least equal to one hundred percent (100%) of the Contract price as security for the faithful performance of this Contract and also a payment bond in an amount equal to one hundred percent (100%) of the Contract price or in a penal sum not less than that prescribed by State, Territorial, or local law, as security for the payment of all persons performing labor on the Work under this Contract and furnishing materials in connection with this Contract. The performance bond and the payment bond may be in one or in separate instruments in accordance with local law. Before final acceptance, each bond must be approved by EDA. If the amount of this Contract does not exceed $150,000, the Owner shall specify the amount of the payment and performance bonds.
(b) All bonds shall be in the form prescribed by the Contract Documents except as otherwise provided in applicable laws or regulations, and shall be executed by such sureties as are named in the current list of Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies as published in Treasury Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an a authority to act. Surety companies executing the bonds must also be authorized to transact business in the state where the Work is located.
Contract Security – Bonds. At no cost to Developers and District, the General Contractor shall furnish surety bonds issued by a California admitted surety insurer, with the District named as a beneficiary, as follows:
Contract Security – Bonds. 13.2.1 Developer shall furnish two surety bonds issued by a California admitted surety insurer as follows:
13.2.1.1 Performance Bond A bond in an amount at least equal to one hundred percent (100%) of Guaranteed Maximum Price as security for faithful performance of the Contract Documents.
13.2.1.2 Payment Bond A bond in an amount at least equal to one hundred percent (100%) of the Guaranteed Maximum Price as security for payment of persons performing labor and/or furnishing materials in connection with this Contract.
13.2.2 Cost of bonds shall be included in the Guaranteed Maximum Price.
13.2.3 All bonds related to this Project shall be in the forms set forth in these Contract Documents and shall comply with all requirements of the Contract Documents, including, without limitation, the bond forms.
Contract Security – Bonds