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.
Appears in 4 contracts
Samples: Supply, Installation and Testing Contract, Construction Agreement, Contract for Installation and Supply of Materials
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.
Appears in 3 contracts
Samples: Construction Agreement, Construction Agreement, Construction Agreement
