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.
Appears in 6 contracts
Samples: Community Facilities Contract, Community Facilities Contract, Community Facilities Contract
