Contractor’s Performance Bond. If the contract between the Developer and the Contractor for construction of the Community Facilities is for an amount in excess of Twenty-Five Thousand Dollars ($25,000), a good and sufficient Performance Bond in an amount equal to 100 percent of the total contract price, guaranteeing the full and faithful execution of the work and performance of the contract and for the protection of the City and the Developer against any improper execution of the work or the use of inferior materials. The Performance Bond be made in favor of the City and the Developer and shall guarantee completion of the Community Facilities within two years of execution of this Contract.
Contractor’s Performance Bond. Prior to the execution of this Amendment No. 2, Contractor shall furnish the Aviation Authority with a replacement bond or duly executed rider or other acceptable form of amendment to Contractor’s performance bond for the extended term in an amount, which is not less than Two Hundred Thousand Dollars ($200,000.00).
Contractor’s Performance Bond. Prior to the execution of this Amendment No. 5, Contractor shall furnish Authority with a replacement bond or duly executed rider or other acceptable form of amendment to Contractor’s performance bond for the extended term in an amount, which is not less than One Hundred Seventy Thousand Dollars ($170,000.00).
Contractor’s Performance Bond. Upon execution of Amendment No. 3, the additional work will be incorporated into the current Performance Bond No. 9371739 in the amount of $5,208,584.00
