Early Work Packages Bonds Sample Clauses

Early Work Packages Bonds. If the City authorizes an Early Work Package, then the Design-Builder shall provide to the City, on or before the Early Work Package Amendment Date, a Performance Bond and a Payment Bond covering the Design-Builder’s faithful performance of such Early Work Package Amendment and the payment of its obligations arising thereunder. The penal sum of each such bond shall be in an amount equal to the Early Work Package Price applicable to the Early Work Package. Such bonds shall be in the forms set forth in Transaction Forms C and D and shall be issued by a Surety meeting the requirements set forth in subsection (E) of this Section. If the City authorizes additional Early Work Packages, then the Design-Builder shall, on or before each subsequent Early Work Package Amendment Date, provide to the City, for each subsequent Early Work Package, an amendment to the above-referenced Performance Bond and Payment Bond, executed by both the Design-Builder and the Surety, that: (a) increases the penal sum of each bond by an amount equal to the Early Work Package Price of such Early Work Package; and (b) affirmatively states that the obligations under such bonds encompass the Design-Builder’s performance and payment obligations under each Early Work Package Amendment.
Sample 1
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Related to Early Work Packages Bonds

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