Faithful Performance Bond. Owner may at any time require Contractor to furnish a faithful performance bond issued in a form and by a surety company acceptable to Owner securing the Contractor's faithful performance of its obligations under this Agreement, in an amount not less than the value of the Work remaining to be performed. Upon Owner's request, Contractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. Owner shall pay the bond premium amount up to a maximum of one percent (1%) of the Contract Price.
Faithful Performance Bond. On or before the Effective Date, Contractor shall file with County a bond securing the Contractor’s faithful performance of its obligations under this agreement. The principal sum of the bond shall be no less than Two Hundred Thousand Dollars ($200,000.00). The form of the bond shall be approved as to form by the Plumas County Counsel. The bond shall be executed as surety by a corporation admitted to issue surety bonds in the State of California, regulated by the California Insurance Commissioner, and with a financial condition and record of service satisfactory to County. The Term of the initial faithful performance bond shall be sixty (60) months. The initial bond shall be replaced by a new bond in the principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) for the same Term (i.e., sixty (60) months) and in the same form, each sixty month period thereafter. Not less than ninety (90) Days before the expiration of the initial, or any subsequent, bond, Contractor shall furnish either a replacement bond or a continuation certificate substantially in a form approved by County Counsel, executed by the surety. It is the intention of this Section that there be in full force and effect at all times a bond securing Contractor’s faithful performance of the agreement, throughout its Term.
Faithful Performance Bond. CONTRACTOR shall furnish to the CITY a surety bond in an amount equal to the Contract Price as security for faithful performance of this Agreement.
Faithful Performance Bond. CONTRACTOR shall provide to COUNTY a Faithful Performance Bond in an amount equal to 25% the annual CONTRACT amount. Bonds must be submitted to COUNTY on COUNTY provided forms within seven (7) calendar days of award notification and prior to the official CONTRACT award. Prior to the provisions of services under this CONTRACT, CONTRACTOR agrees to purchase the required bond at CONTRACTOR’S expense and to deposit with COUNTY the required bond necessary to satisfy COUNTY requirements and to keep such bond on deposit with COUNTY during the entire term of this CONTRACT. Said bond shall be secured from an admitted surety company authorized to conduct surety insurance in California and satisfactory to COUNTY Offices of COUNTY Counsel and Risk Management and in accordance with the General Conditions. If any surety upon any bond furnished in connection with this CONTRACT becomes unacceptable to COUNTY, or if any such surety fails to furnish reports as to its financial condition from time to time as requested by COUNTY, CONTRACTOR shall promptly furnish such additional security as may be required by COUNTY 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. COUNTY shall return bonds to CONTRACTOR after successful completion of all CONTRACTOR’S obligations and services required under the CONTRACT.
Faithful Performance Bond.
a) Within 60 days of the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor, with good and sufficient surety approved by the Grantor in the total sum of fifty thousand dollars ($50,000.00), conditioned that the Grantee shall well and truly observe, fulfill, and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise.
b) Grantee shall pay all premiums charged for any bond required under Section 8.7 (a), and unless the Board of County Commissioners specifically directs otherwise, shall keep the same in full force and effect at all times through the later of either:
1) The remaining term of this Franchise; or
2) If required by the Grantor, the removal of all of Grantee's system installed in Grantor's Streets and Public Ways.
c) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty (30) days written notice first given to the Grantor. The bond shall be subject to the approval of the Grantor’s Attorney as to its adequacy under the requirements of Section 8.7. During the term of the bond, Grantee shall file with the Grantor a duplicate copy of the bond along with written evidence of payment of the required premiums unless the bond otherwise provides that the bond shall not expire or be terminated without thirty (30) days prior written notice to the Grantor.
d) In a form approved by the Grantor, the Grantee may provide an irrevocable letter of credit, guaranty in lieu of bond, or other form of financial assurance in lieu of a faithful performance bond. The alternative form of financial assurance shall give the Grantor substantially the same rights and guarantees provided by a faithful performance bond.
Faithful Performance Bond. Contractor shall file with SBWMA a bond securing its faithful performance of its obligations under this Agreement within thirty (30) days of the date this Agreement is executed. The bond shall be in the amount of Two Hundred Fifty Thousand Dollars ($250,000) in a form acceptable to the SBWMA. The term of the bond shall be for five (5) years. It is the intention of this section that there be in full force and effect at all times a bond securing the Contractor’s faithful performance of the Agreement, throughout its Term. The performance bond shall be executed by a surety company licensed to do business in the State of California and acceptable to the SBWMA having an “A-” or better rating by A. M. Best or Standard and Poor’s, and included on the list of surety companies approved by the Treasurer of the United States. Failure to provide this bond within the timefame called for by this section shall constitute a default and grounds for immediate termination of this Agreement.
Faithful Performance Bond. Within five (5) days after the effective date of the Agreement granting the franchise, franchisee shall file, and thereafter at all times during the life of the franchise keep on file with the Director, a corporate surety bond running to the County, and also to any incorporated city or public entity which may become entitled to the benefits herein reserved in the franchise by virtue of future incorporations or annexations, in the penal sum of $1,000.00, or such other sum as may be specifically provided for in the Agreement granting the franchise, with surety to be approved by the Director, conditioned that franchisee shall well and truly observe, fulfill and perform each condition of the franchise and that in case of any breach of condition of the bond, as an alternative to revocation of the franchise, the whole amount of the penal sum shall be deemed to be liquidated damages and shall be recoverable from the principal and sureties of the bond. If said bond is not filed within five (5) days after the effective date of the Agreement granting the franchise, the award of the franchise may be set aside and the Agreement granting the franchise may be repealed at any time prior to the filing of said bond, and any money paid in consideration for award of the franchise shall be deemed forfeited. In the event that the bond, after it has been filed, shall at any time during the life of the franchise, in the opinion of the Director, become insufficient, franchisee agrees to renew said bond, with sureties to be approved by the Director, within ten (10) days after written notice to do so from the Director.
Faithful Performance Bond a) Upon the effective date of this Franchise, the Grantee shall furnish proof of the posting of a faithful performance bond running to the Grantor with good and sufficient surety approved by the Grantor, in the penal sum of Ten Thousand Dollars, or the deposit of $10,000 in a restricted account satisfactory to the Grantor, conditioned that the Grantee shall well and truly observe, fulfill and perform each term and condition of this Franchise. Such bond shall be maintained by the Grantee throughout the term of this Franchise.
b) Grantee shall pay all premiums charged for any bond required under Section 8.2(a) and unless the Grantor specifically directs otherwise, shall keep the same in full force and effect at all times through the later of either:
i. The remaining term of this Franchise; or
ii. If required by the Grantor, the removal of all of Grantee's Cable System installed in the Grantor's Streets and Public Ways.
c) The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire without thirty days written notice first being given to the Grantor. The bond shall be subject to the approval of the City Attorney as to its adequacy under the requirements of Section 8.2. During the term of the bond, Grantee shall file with the Grantor a duplicate copy of the bond along with written evidence of payment of the required premiums unless the bond otherwise provides that the bond shall not expire or be terminated without thirty days prior written notice to the Grantor.
d) In a form approved by the Grantor, the Grantee may provide an irrevocable letter of credit, guaranty in lieu of bond, or other form of financial assurance in lieu of a faithful performance bond. The alternative form of financial assurance shall give the Grantor substantially the same rights and guarantees provided by a faithful performance bond.
e) The Grantor may at any time during the term of the Franchise reduce or eliminate the bond requirements.
Faithful Performance Bond. 34 On or before the Effective Date, Contractor shall deliver to Authority a bond securing the 35 Contractor’s faithful performance of its obligations under this Agreement. The principal 36 sum of the bond shall be Two Million Dollars ($2,000,000). The form of the bond shall 37 be as set out in Attachment 16. The bond shall be executed as surety by a corporation 38 admitted to issue surety bonds in the State of California, regulated by the California 39 Insurance Commissioner and with a financial condition and record of service satisfactory 40 to Authority.
Faithful Performance Bond. At the time of making written application under this Agreement, Licensee may be required by Licensor to furnish Licensor with a bond to cover the faithful performance by Licensee of its obligations to make the payments provided for in paragraphs 8, 15, 17, 20, 22 and 23 hereof; to pay the premiums for the insurance provided for in paragraph 24 hereof; and to remove or to pay for the removal of its equipment from said Outside Plant, or any of them, if this Agreement should be terminated in whole or in part pursuant to Paragraph 27 or Paragraph 34 hereof. Licensor may require such bond only if Licensee does not maintain at least an investment grade (e.g., B+ or higher) debt or credit rating as determined by a nationally recognized debt or credit rating agency such as Xxxxx’x, Standard and Poor’s or Duff and Xxxxxx and have liquid assets of at least $3,000,000 as demonstrated by the most recent year-end financial statement. Such bond shall be issued by a commercial bonding company selected by Licensee and satisfactory to Licensor; shall not be subject to termination or cancellation except upon thirty (30) days prior written notice of cancellation thereof or material change thereto by certified mail to Licensor; shall be in such form and in such amount as Licensor shall reasonably specify from time to time; and, subject to termination or cancellation as aforesaid, shall be maintained in full force and effect in the amounts and for the period or periods required by Licensor, including reinstatement thereof at any time throughout the life of this Agreement.
