Contractor’s Performance and Payment Bonds. The Contractor shall furnish a Performance Bond and a Labor and Material Payment Bond on State Forms SC-6.22, Performance Bond, and SC-6.221, Labor and Material Payment Bond, or such other forms as State Buildings Program may approve for the Project, executed by a corporate Surety authorized to do business in the State of Colorado and in the full amount of the Contract sum. The expense of these bonds shall be borne by the Contractor and the bonds shall be filed with State Buildings Program. If, at any time, a Surety on such a bond is found to be, or ceases to be in strict compliance with any qualification requirements of the Contract Documents or the bid documents, or loses its right to do business in the State of Colorado, another Surety will be required, which the Contractor shall furnish to State Buildings Program within ten (10) days after receipt of Notice from the State or after the Contractor otherwise becomes aware of such conditions.
Contractor’s Performance and Payment Bonds. The primary contractor shall be required to furnish a performance bond and a separate labor and material payment bond, copies of which shall be provided to the Lessor. Such bonds shall be made payable to the Lessee, subject to the provisions of the Indenture, shall be executed by a corporate surety licensed to transact business in the State and acceptable to the Lessee and shall be in an amount equal to the contract price for the construction of the Facilities. If, at any time during the construction period, the surety on such bond shall be disqualified from doing business within the State, or shall otherwise become incapable (in the judgment of the Lessee) of performing its obligations under such bond, an alternate surety shall be selected. In the event of any change order resulting in the performance of additional work in connection with the Facilities, the amounts of such bonds pertaining thereto shall be increased to include the cost of such additional work or materials or fixtures to be incorporated in the Facilities.
Contractor’s Performance and Payment Bonds. A. The Contractor shall furnish a Performance Bond and a Payment Bond on approved State forms, executed by a corporate surety licensed to transact such business in the State of Colorado, each in the full amount of the applicable LLTP CAP with the Amendment for the addition of the applicable Bid Package to this Agreement. If subsequent Amendments are made to this Agreement which substantially increase the applicable LLTP CAP, increased bond limits shall be furnished by the Contractor upon the acceptance of the increase in the applicable LLTP CAP. The then current bonds shall apply to all Work included within the scope of the applicable LLTP, including but not limited to all prior Work which may have been performed when previous bonds were in effect. The Amendment for such applicable LLTP shall not take effect or be in force until the Contractor shall have furnished and delivered to the State a Payment Bond and Performance Bond, attached hereto as Exhibits D.2 and D.3, acceptable to the State, in a penal sum equal to the nearest integral $100.00 in excess of the applicable LLTP CAP duly executed by a corporate surety, qualified and licensed to do business in Colorado and maintaining a general agent therein.
B. The Performance Bond shall remain in effect until at least one (1) year after the date when such LLTP receives Finally Acceptance, except as otherwise provided by law or regulation or by the Contract Documents. The Payment Bond shall remain in effect for not less than the required statutory period. All bonds 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 Circular 570 (amended) by the Audit Staff Bureau of Account, U.S. Treasury Department. All bonds signed by an agent must be accompanied by a certified copy of the authority to act. All bonds must be acceptable to the Principal Representative.
C. The initial Bonds shall be filed with the Principal Representative at the time of execution of the initial, applicable Bid Package.
D. If the surety on any bond furnished by Contractor is declared bankrupt, becomes insolvent, its right to do business in the State of Colorado is terminated or it ceases to meet the requirements of Sections 13.1 and 13.2, Contractor’s Performance and Payment Bonds, the Contractor shall within ten
Contractor’s Performance and Payment Bonds. The County shall take such steps as are necessary to ensure that performance and payment bonds regarding contractor’s performance and payment are provided in the same manner as would be applicable to any contracts of the County. The Corporation shall take any action requested by the County in this regard. Such payment and performance bonds shall contain, to the extent practicable, dual obligee riders in favor of the Trustee. The Net Proceeds of any amounts recovered by way of damages, refunds, adjustments or otherwise in connection with the performance and payment bonds remaining after reimbursement to the County and the Corporation of any amounts theretofore paid by either of them, and not previously reimbursed, for correcting or remedying the default or breach of warranty which gave rise to the proceedings against the contractor or surety, shall be paid into the Project Fund if received before the Completion Date, or if received thereafter, shall be deposited as otherwise provided in Section 7.2 of this Facilities Agreement or otherwise applied as provided in Section 7.3 of this Facilities Agreement.
Contractor’s Performance and Payment Bonds. Each contractor, except for the architect and County Owner’s Representative employed by the County for the construction of the County Courthouse, shall enter into a performance bond and a separate labor and material payment bond in forms acceptable to BB&T and the County, copies of which shall be provided to BB&T. Such bonds shall be made payable to the County, shall be executed by a corporate surety licensed to transact business in the State and acceptable to the County and BB&T and shall be in an amount equal to the contract price for such contractor’s construction contract. If, at any time during the construction period, the surety on such bond shall be disqualified from doing business within the State or shall otherwise become incapable (in the reasonable judgment of BB&T) of performing its obligations under such bond, an alternate surety acceptable to the County and BB&T shall be selected. In the event of any change order resulting in the performance of additional work in connection with the construction of the Project, the amounts of such bonds pertaining thereto shall be increased to include the cost of such additional work or materials or fixtures to be incorporated in the Project.
Contractor’s Performance and Payment Bonds. The Town will provide for each contractor entering into a Construction Contract to furnish a performance bond and a separate labor and material payment bond as required by Article 3, Chapter 44A of the North Carolina General Statutes. The Town will provide copies of such bonds to the Corporation. Each such bond will include the Corporation as a dual obligee.
Contractor’s Performance and Payment Bonds. The City and the Corporation shall take such steps as are necessary to ensure that performance and payment bonds regarding contractor’s performance and payment bonds are provided in the same manner as would be applicable to any contracts of the City. Such payment and performance bonds shall name the Lender as a dual obligee, shall be issued by a surety company rated “A” or better by
Contractor’s Performance and Payment Bonds. Each contractor entering into a Project Contract for the Project shall be required to furnish a performance bond and a separate labor and material payment bond on forms acceptable to the County, copies of which shall be provided to the County and the Trustee. Such bonds shall be made payable to the County and the Trustee, as their interests may appear, and shall be executed by a corporate surety licensed to transact business in the State and acceptable to the County, and shall be in an amount at least equal to the contract price for such contractor’s Project Contract. If, at any time during the performance of a Project Contract, the surety on such bond shall be disqualified from or cease doing business within the State, an alternate surety acceptable to the County shall be selected. In the event of any change order resulting in the performance of additional work in connection with a Project Contract, the amount of such bond shall be increased by an amount at least equal to the cost of such additional work or materials or fixtures to be incorporated in the Leased Property.
Contractor’s Performance and Payment Bonds. Each contractor, except for the architect employed by the County for the construction of the County Courthouse, shall enter into a performance bond and a separate labor and material payment bond in forms acceptable to BB&T and the County, copies of which shall be provided to BB&T. Such bonds shall be made payable to the County, shall be executed by a corporate surety licensed to transact business in the State and acceptable to the County and BB&T and shall be in an amount equal to the contract price for such contractor’s construction contract. If, at any time during the construction period, the surety on such bond shall be disqualified from doing business within the State or shall otherwise become incapable (in the reasonable judgment of BB&T) of performing its obligations under such bond, an alternate surety acceptable to the County and BB&T shall be selected. In the event of any change order resulting in the performance of additional work in connection with the construction of the Project, the amounts of such bonds pertaining thereto shall be increased to include the cost of such additional work or materials or fixtures to be incorporated in the Project.
Contractor’s Performance and Payment Bonds. Each Contractor retained by the Board or the Authority in connection with a Construction Contract shall be required to furnish a performance bond and a labor and material payment bond on forms acceptable to the Board. Such bond shall be made payable to the Trustee and shall be executed by a corporate surety licensed to transact business in the State and shall be in the full amount of the contract price for such contractor’s portion of such Project. If, at any time during the construction of a Project, the surety on such bond shall be disqualified from doing business in the State, an alternate surety shall be selected by the Authority.
