Common use of Faithful Performance Bond Clause in Contracts

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. On or before the Effective Date, Contractor shall file with County a bond securing the Contractor’s faithful performance of its obligations under this agreementAgreement. The principal sum of the bond shall be no less than Two Hundred Thousand Dollars ten percent ($200,000.00)10%) of the amount of the 2011 annual revenue Requirement for County. 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 twenty-four (6024) months. The initial bond shall be extended, or replaced by a new bond in the same principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) adjusted by the percentage change in the Consumer Price Index), for the same Term (i.e., sixty twenty-four (6024) months) and in the same form, each sixty month period bi-annually 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 section that there be in full force and effect at all times a bond securing Contractor’s faithful performance of the agreementAgreement, throughout its Term.

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 twenty-four (6024) months. The initial bond shall be extended, or replaced by a new bond in the same principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) adjusted by the percentage change in the Consumer Price Index), for the same Term (i.e., sixty twenty-four (6024) months) and in the same form, each sixty month period bi-annually 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. On or before the Effective Date, Contractor shall file with County a bond securing the Contractor’s faithful performance of its obligations under this agreementAgreement. 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 twenty-four (6024) months. The initial bond shall be extended, or replaced by a new bond in the same principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) adjusted by the percentage change in the Consumer Price Index), for the same Term (i.e., sixty twenty-four (6024) months) and in the same form, each sixty month period bi-annually 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 agreementAgreement, throughout its Term.

Faithful Performance Bond. On or before the Effective Dateeffective date, Contractor shall file with County a bond securing the Contractor’s faithful performance of its obligations under this agreementAgreement. The principal sum of the bond shall be no less than Two Hundred Thousand Dollars ten percent ($200,000.00)10%) of the amount of the 2010 annual revenue Requirement for County. 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 term of the initial faithful performance bond shall be sixty twenty-four (6024) months. The initial bond shall be extended, or replaced by a new bond in the same principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) adjusted by the percentage change in the Consumer Price Index), for the same Term term (i.e., sixty twenty-four (6024) months) and in the same form, each sixty month period bi-annually 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 section that there be in full force and effect at all times a bond securing Contractor’s faithful performance of the agreementAgreement, throughout its Termterm.