Common use of Faithful Performance Bond Clause in Contracts

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. 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 Five Hundred Fifty Thousand Dollars ($250,000500,000) 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.