Insurance Bonds Indemnification Sample Clauses

Insurance Bonds Indemnification. § 11.1 The Contractor shall furnish a Performance Bond in an amount at least equal to one hundred percent (100%) of the Contract Sum herein as security for the full, faithful and timely performance of this Agreement; and also a Labor and Material Payment Bond in an amount at least equal to one hundred percent (100%) of the Contract Sum for the payment of all persons performing labor or providing materials to Contractor or its Subcontractors in connection with the Work, each such bond to be in the form as may be acceptable to Owner. Owner shall be named the obligee under the bond and beneficiary of any and all other security. The surety on such bond shall be authorized to transact business as a surety in the State of New York and be subject to approval by Owner.