Contractor’s Bonds. When a Contract Sum is One Hundred-Fifty Thousand and 00/100 Dollars ($150,000) or more, Contractor shall furnish and keep in effect at all times while the Contract Documents are in effect (a) a performance bond in sum equal to the Contract Sum and (b) a payment bond in sum equal to the Contract Sum. Notwithstanding the dollar thresholds state in this Section, Contractor shall furnish performance and payment bonds if otherwise required by the Contract Documents and in the amounts set forth in the Contract Documents. Any requisite performance bond shall cover all warranties and guarantees required by the Contract Documents.
Appears in 3 contracts
Samples: General Contractor Agreement, General Contractor Agreement, General Contractor Agreement
Contractor’s Bonds. When a Contract Sum is One Hundred-Hundred Fifty Thousand and 00/100 Dollars ($150,000) or more, Contractor shall furnish and keep in effect at all times while the Contract Documents are in effect (a) a performance bond in sum equal to the Contract Sum and (b) a payment bond in sum equal to the Contract Sum. Notwithstanding the dollar thresholds state in this Section, Contractor shall furnish performance and payment bonds if otherwise required by the Contract Documents and in the amounts set forth in the Contract Documents. Any requisite performance bond shall cover all warranties and guarantees required by the Contract Documents.
Appears in 1 contract
Samples: Design Build Agreement
