Guarantee Bond. Section 1. The CONTRACTOR shall furnish the PROCURING ENTITY with a Guarantee Bond in an amount equal to ten percent (10%) of the Contract Price, effective for a period of one (1) year reckoned from the date of issuance of the Certificate of Completion.
Section 2. The Guarantee Bond is to answer for any loss, damage, injury, or expense which the PROCURING ENTITY may incur to make good defects in workmanship or materials that may become evident within one (1) year from the date of issuance of the Certificate of Completion.
Guarantee Bond. ( PUFF panel roofing )
Guarantee Bond. 2.1. The Guarantor guarantees to the Employer that in the event of a breach of the Building Contract by the Contractor the Guarantor shall subject to the provisions of this Performance Bond satisfy and discharge the damages sustained by the Employer as established and ascertained 9 Delete as appropriate. pursuant to and in accordance with the provisions of or by reference to the Building Contract and taking into account all sums due or to become due to the Contractor.
2.2. The maximum aggregate liability of the Guarantor and the Contractor under this Performance Bond shall not exceed the Bond Amount but subject to such limitation and to clause 4, the liability of the Guarantor shall be co-extensive with the liability of the Contractor under the Building Contract.
Guarantee Bond. 51.1 If so provided for by the STC, the financial retention under the good performance/guarantee security may be replaced by a good performance/guarantee bond provided at the same time as the final invoice. The bond corresponding to the amount of the good performance/guarantee retention must be valid until the 5th working day after the expiry of the guarantee period.
51.2 If the Client draws on the guarantee bond in accordance with the provisions of the Agreement, the Contractor shall, within 5 days of the drawdown, supplement the guarantee bond to the amount of the original bank guarantee or provide a new bank guarantee accordingly, so that the Client has the original amount of the bank guarantee. Failing this, the Client shall be entitled to draw on the Contractor's bank guarantee in its possession and to treat the amount so drawn as a financial retention.
51.3 In the case of the provision of a bank guarantee, the Contractor shall in all cases consult the Client on the wording and conditions.
51.4 If the Contractor is subject to liquidation procedures or other proceedings for its termination without legal succession, or it has initiated its own bankruptcy during the guarantee period, the Client shall automatically be entitled for the guarantee security from the day before the institution of the liquidation procedure or other proceedings for the termination of the Contractor without legal succession, or the day of the bankruptcy.
51.5 The performance/good performance security provided by the Contractor may also be used to cover contractual penalties and legitimate claims for damages against the Contractor.
Guarantee Bond. The Guarantor guarantees to the Employer that in the event of a breach of the Building Contract by the Contractor the Guarantor shall subject to the provisions of this Performance Bond satisfy and discharge the damages sustained by the Employer as established and ascertained pursuant to and in accordance with the provisions of or by reference to the Building Contract and taking into account all sums due or to become due to the Contractor.
Guarantee Bond. Contractor shall furnish to the District a fully executed Faithful Performance Bond for 100% of the Contract price. Xxxx is subject to approval of District Representative.
Guarantee Bond. Not Required For This Project.
Guarantee Bond. The original Letter of Credit No. 15-01 shall serve as the Guarantee Bond herein. Failure to provide and/or maintain this Guarantee Bond for until its expiration shall be deemed a default of the Development Agreement.
Guarantee Bond. To secure such Specific Guarantees, the SI shall deposit with the MTA a specific guarantee bond for each category of Work relating to the Specific Guarantee Equipment. For each such category of Work, the SI shall deposit with the MTA, before the commencement of the Guarantee Period, a bond to the MTA and its successors and assigns, in such form as the MTA shall require and duly executed and acknowledged, in the sum as stated in Section 17.3 (
Guarantee Bond. Upon execution of this Contract, CONTRACTOR must obtain and maintain in full force and effect the following Bond provided by a bonding company acceptable to the OWNER:
a) Upon acceptance of the Work by the OWNER and prior to final payment hereof, the CONTRACTOR shall obtain and provide a guarantee bond from such bonding company as the OWNER may approve and in an amount equal to ten (10%) percent of the Contract Sum. Said bond shall be in effect through the warranty period and any extensions thereof as provided in Clause 21. The bond shall cover all the obligations of the CONTRACTOR under and derived of this Contract, including but not limited to those of criminal, labor, tax, commercial and civil nature. CONTRACTOR shall furnish OWNER with certificate for such bond policy required to be provided under this Contract, which policy shall provide that it shall not be reduced or canceled during its corresponding term of effectiveness. CONTRACTOR shall furnish OWNER with copy of the receipt of payment of the corresponding premium on such bond policy. The bond policy shall be issued by a company approved by the OWNER, which shall be subject to the approval of the OWNER as to amount, content, form and expiration date, and shall name OWNER as beneficiary. The bond policy may only be reduced or canceled with the OWNER’S prior written approval.
