Contractor’s Performance Bond or Letter of Credit Sample Clauses

Contractor’s Performance Bond or Letter of Credit. Upon execution of this Amendment No. 18, no changes are required, or will be made, with respect to this Amendment. Performance Bond No. 800100417 in the amount of SIX MILLION EIGHT HUNDRED THOUSAND NINE HUNDRED FORTY-SIX AND 56/100 DOLLARS ($6,800,946.56).
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Contractor’s Performance Bond or Letter of Credit. Prior to the execution of this Amendment No. 2, Contractor shall furnish Authority with a replacement bond or duly executed rider or other acceptable form of amendment to Contractor’s performance bond, Attachment “B-2”, for the extended term in an amount, which is not less than Three Million, and 00/100 Dollars ($3,000,000.00).
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Contractor’s Performance Bond or Letter of Credit. Upon execution of this Amendment No. 1, no changes are required, or will be made, with respect to this Amendment. Performance Bond No. 015215951 in the amount of Two Hundred Fifty Thousand Dollars ($250,000), which expires on January 1, 2027, shall remain the same as the terms and conditions of the Contract.
Sample 1
Contractor’s Performance Bond or Letter of Credit. Prior to the execution of this Amendment No. 2, Contractor shall furnish Authority with a replacement bond or duly executed rider or other acceptable form of amendment to Contractor's performance bond, Attachment "B- 2", for the extended term in an amount, which is not less than Four Hundred Thousand, and 00/100 Dollars ($400,000.00). 05-18 AMENDMENT NO. 2 DATE: March 14, 2022 GREATER ORLANDO AVIATION AUTHORITY CONCESSIONS/PROCUREMENT COMMITTEE DAY: MONDAY TIME: 1:30 P.M. PLACE: XXXX X. XXXXXXXX BOARD ROOM, ORLANDO INTERNATIONAL AIRPORT, ONE XXXX XXXXX BOULEVARD I. CALL TO ORDER II. ROLL CALL
Sample 1
Contractor’s Performance Bond or Letter of Credit. Prior to the execution of this Amendment No. 21, Contractor shall furnish the Aviation Authority with a Contractor’s performance bond or Letter of Credit for the Terminal “C”, P1X expansion project as stated in the Amendment in an amount, shall increase the existing $2,500,000 bond by ONE HUNDRED EIGHTY-ONE THOUSAND TWO HUNDRED EIGHT DOLLARS, ($181,208) for a total bond of $2,681,208.
Sample 1
Contractor’s Performance Bond or Letter of Credit. Upon execution of this Amendment No. 3, Contractor’s Performance Bond shall remain in effect for the remainder of the second renewal term in an amount not less than Three Million, and 00/100 Dollars ($3,000,000.00). Sixty days prior to the expiration of said Performance Bond, 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 Three Million, and 00/100 Dollars ($3,000,000.00).
Sample 1

Related to Contractor’s Performance Bond or Letter of Credit

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

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