Common use of Fidelity Insurance Clause in Contracts

Fidelity Insurance. Every officer, director, employee, or agent who is authorized to act on behalf of LEDC for the purpose of receiving or depositing funds into program accounts or issuing financial documents, checks, or other instruments of payment for program costs shall be insured to provide protection against loss: i. The amount of fidelity coverage secured pursuant to this MOU shall be $100,000 or the highest of planned reimbursement for the MOU period, whichever is greatest. Fidelity insurance secured pursuant to this paragraph shall name LEDC as beneficiary. ii. Subcontractors that receive $10,000 or more per year in funding through this MOU shall secure fidelity insurance as noted above. Fidelity insurance secured by subcontractors pursuant to this paragraph shall name the Contractor as beneficiary.

Fidelity Insurance. Every officer, director, employee, or agent who is authorized to act on behalf of LEDC HRC for the purpose of receiving or depositing funds into program accounts or issuing financial documents, checks, or other instruments of payment for program costs shall be insured to provide protection against loss: i. The amount of fidelity coverage secured pursuant to this MOU shall be $100,000 or the highest of planned reimbursement for the MOU period, whichever is greatest. Fidelity insurance secured pursuant to this paragraph shall name LEDC HRC as beneficiary. ii. Subcontractors that receive $10,000 or more per year in funding through this MOU shall secure fidelity insurance as noted above. Fidelity insurance secured by subcontractors pursuant to this paragraph shall name the Contractor as beneficiary.