Common use of Faithful Performance Guarantee Clause in Contracts

Faithful Performance Guarantee. Prior to commencement of construction of any portion of the Work by Developer’s Contractor, Developer must provide District with a faithful performance bond, letter of credit or other financial security satisfactory to District, such as a performance bond held by Sacramento County and enforceable by District(“Performance Guarantee”) in a sum equal to no less than 100% of the estimated cost of the Work to be constructed in public or private streets or rights-of-way or on public property. The Performance Guarantee will be for the purpose of insuring the proper and timely completion of the Work. In the event of the failure of Developer to complete the Work covered by the Performance Guarantee and District completes construction of the Work or any portion of it, Developer and its surety under the Performance Guarantee will be jointly and severally liable to District for the costs of completion, including, but not limited to, management and administrative costs, and engineering, legal and other costs incurred relating to the completion. District will xxxx Developer and the surety (or Sacramento County, if the Performance Guarantee is held by them) for the costs, which xxxx must be paid within thirty days of its date. Interest will accrue on any late payment at the legal rate then prevailing.

Faithful Performance Guarantee. Prior to commencement of construction of any portion of the Work by Developer’s Contractor, Developer must provide District with a faithful performance bond, letter of credit or other financial security satisfactory to District, such as a performance bond held by Sacramento County and enforceable by District(“Performance Count, (“Performance Guarantee”) in a sum equal to no less than 100% of the estimated cost of the Work to be constructed in public or private streets or rights-of-way or on public property. The Performance Guarantee will be for the purpose of insuring the proper and timely completion of the Work. In the event of the failure of Developer to complete the Work covered by the Performance Guarantee and District completes construction of the Work or any portion of it, Developer and its surety under the Performance Guarantee will be jointly and severally liable to District for the costs of completion, including, but not limited to, management and administrative costs, and engineering, legal and other costs incurred relating to the completion. District will xxxx Developer and the surety (or Sacramento County, if the Performance Guarantee is held by them) for the costs, which xxxx must be paid within thirty days of its date. Interest will accrue on any late payment at the legal rate then prevailing.

Faithful Performance Guarantee. Prior to commencement of construction of any portion of the Work by DeveloperXxxxxxxxx’s Contractor, Developer must provide District with a faithful performance bond, letter of credit or other financial security satisfactory to District, such as a performance bond held by Sacramento County and enforceable by District(“Performance Count, (“Performance Guarantee”) in a sum equal to no less than 100% of the estimated cost of the Work to be constructed in public or private streets or rights-of-way or on public property. The Performance Guarantee will be for the purpose of insuring the proper and timely completion of the Work. In the event of the failure of Developer to complete the Work covered by the Performance Guarantee and District completes construction of the Work or any portion of it, Developer and its surety under the Performance Guarantee will be jointly and severally liable to District for the costs of completion, including, but not limited to, management and administrative costs, and engineering, legal and other costs incurred relating to the completion. District will xxxx bill Developer and the surety (or Sacramento County, if the Performance Guarantee is held by them) for the costs, which xxxx bill must be paid within thirty days of its date. Interest will accrue on any late payment at the legal rate then prevailing.

Faithful Performance Guarantee. Prior to commencement of construction of any portion of the Work by DeveloperXxxxxxxxx’s Contractor, Developer must provide District with a faithful performance bond, letter of credit or other financial security satisfactory to District, such as a performance bond held by Sacramento County and enforceable by District(“Performance Guarantee”) in a sum equal to no less than 100% of the estimated cost of the Work to be constructed in public or private streets or rights-of-way or on public property. The Performance Guarantee will be for the purpose of insuring the proper and timely completion of the Work. In the event of the failure of Developer to complete the Work covered by the Performance Guarantee and District completes construction of the Work or any portion of it, Developer and its surety under the Performance Guarantee will be jointly and severally liable to District for the costs of completion, including, but not limited to, management and administrative costs, and engineering, legal and other costs incurred relating to the completion. District will xxxx bill Developer and the surety (or Sacramento County, if the Performance Guarantee is held by them) for the costs, which xxxx bill must be paid within thirty days of its date. Interest will accrue on any late payment at the legal rate then prevailing.