Common use of Faithful Performance Bond Clause in Contracts

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. CONTRACTOR shall CONSULTANT will provide to COUNTY a Faithful Performance Bond in an amount equal to 25% 25 percent 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 CONSULTANT agrees to purchase the required bond at CONTRACTOR’S CONSULTANT’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 the COUNTY Offices of COUNTY 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 CONSULTANT 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 CONSULTANT after successful completion of all CONTRACTOR’S CONSULTANT’s obligations and services required under the CONTRACT.