Contractor's Bond. Add the following to the end of 3.
Contractor's Bond. 1.1 Is a Contractor's Bond required? {. . .}
Contractor's Bond. Add the following new clause 3.1.11: “In the event that the Surety pays the Principal the “cash sum” (as defined in Schedule 3), the following shall apply:
Contractor's Bond. 3.1.1 Is a Contractor’s Bond required? Yes
3.1.2 If yes, the amount of the Contractor’s Bond shall be: The Contractor shall provide two bonds to the Principal under clause 3.1.2 which shall be for an aggregate maximum of 5% of the Contract Price of each applicable Separable Portion as follows: (a) Bond 1: one of 2.5% of the Contract Price with the bond not being released until the Contract Works of each Separable Portion have reached Practical Completion, in accordance with the Contract; and (b) Bond 2: one of 2.5% of the Contract Price not being released until on the date of issue of all Final Completion Certificates for the applicable Separable Portions). Each Separable Portion will have its own Bonds established.
Contractor's Bond. If required by Cherokee Nation Entertainment, Contractor shall furnish performance and a labor and material payment bond in the amount of the cost of Contractor’s Work. At Cherokee Nation Entertainment’s request, Contractor shall disclose its cost (stated both as a percentage of the cost of Contractor’s Work, and an estimated total cost) for said bonds. The bonds shall name Cherokee Nation Entertainment as obligee and shall be in the form or forms as agreed upon by Cherokee Nation Entertainment and Contractor. The cost of the subcontractor’s bonds shall be included in the subcontract amount.
Contractor's Bond. If required by Owner, Contractor shall furnish performance and a labor and material payment bond in the amount of the Contract Price. At Owner’s request, Contractor shall disclose its cost (stated both as a percentage of Contract Price, and an estimated total cost) for said bonds. The bonds shall name Owner as obligee and shall be in the form or forms as agreed upon by Owner and Contractor. The cost of the bond is included in the Contract Price.
Contractor's Bond. In 3.1.6(a) and (b) delete "up to Practical Completion" and replace with "up to the date of issue of the Practical Completion Certificate".
Contractor's Bond. It shall be a condition precedent to a Contract based on the acceptance of the Tender:
a) that the Contractor shall provide an On -Demand Performance Bond with a bank or insurance company, acceptable to the employer, and authorised by the Department of Trade, by which they shall be jointly and severally bound to the Employer in a sum equivalent to 10% of the Contract Price conditioned for the due fulfilment of the terms and conditions of the Contract.
b) that the Contractor shall furnish in confidence to the insurers, information as to the Contractor’s financial position and any other relevant information reasonably required by them.
c) 90% of the Bonding shall be released at Practical Completion and 10% remaining and Final Completion 12 months later. The Bond premium shall not exceed 3.5% of the Bond amount.
d) it is the Contractor’s responsibility to inform the Employers Representative with regard to release at bonding stages.
e) that as part of their submission the Contractor will provide a letter from their intended Bondsman confirming that a Bond will be provided as the pro-forma within 10 working days of the Contractor being notified of acceptance of their tender.
f) the full document can be found as Appendix 4
Contractor's Bond. Per RCW 39.08.01, a contractor is required to obtain a good and sufficient bond for the full amount of the work. Additionally, RCW 39.08 allows the contractor to request retainage of 50% of the full amount for all contracted public works under $35,000.00. Please indicate the option you will exercise from the following: INSI will provide an executed Xxxx for the full amount of this agreement as outlined in Section 2 Cost. This Bond, also covering state sales tax, shall: be in substantially the same form as attached hereto as Exhibit F;
A. be signed by an approved surety (or sureties) that (1) is registered with the Washington State Insurance Commissioner, and (2) appears on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner;
B. be conditioned upon the faithful performance of the Contract by the Vendor within the prescribed Milestones;
C. guarantee that the surety shall indemnify, defend, and protect the WSDOT against any claim of direct or indirect loss resulting from the failure: (1) of the Vendor or any of the employees or Subcontractors to faithfully perform the Work in accordance with the Contract, and (2) of the Vendor or any Subcontractors to pay all laborers, mechanics, Subcontractors, material persons, or any other person who provides supplies or provisions for carrying out the Work.
D. WSDOT may require sureties or surety companies on the Contract Bond to appear and qualify themselves. Whenever WSDOT deems the surety or sureties to be inadequate, it may, upon written demand, require the Vendor to furnish additional surety to cover any remaining work. Until the added surety is furnished, Work will stop.
E. Upon the request of any person or entity appearing to be a potential beneficiary of Contract Bond covering payment of obligations arising under this Contract, the Vendor shall promptly furnish a copy of the Contract Bond or shall permit a copy to be made. WSDOT shall retain 50% of the contracted amount and hold as retainage. WSDOT shall release and pay in full all amounts retained, subject to releases from the Washington State Department of Revenue, Washington State Department of Labor and Industries and Washington State Department of Employment Security; or within sixty (60) calendar days of project completion. Per RCW 60.28.011 subsection 4, please identify from the following options how the 50% Retainage will be held: Retained in a fund by WSDOT Retainage Bond – Please complete...
Contractor's Bond. Tenant shall cause contractors to obtain payment and performance bonds from reputable insurance companies licensed to do business in the State of California and reasonably acceptable to Landlord, which will ensure lien-free completion of the Alterations in question and deliver a copy of the bond to Landlord before commencement of such Alterations. Provided that no Event of Default shall then be outstanding, this requirement shall be limited to those Alterations, the cost of which is reasonably estimated by Tenant or Tenant's architect to exceed $250,000. Notwithstanding the foregoing: for so long as Playboy Entertainment Group, Inc. shall then be the Tenant hereunder or any other Tenant hereunder shall have a net worth (exclusive of good will) equal to or greater than $20,000,000, then provided that no Event of Default shall then exist, such requirement shall be limited to those Alterations by Tenant the cost of which is reasonably estimated by Tenant or its architect to exceed $1,000,000.
