Licensing and Rating Sample Clauses
The Licensing and Rating clause establishes the requirements for parties to maintain appropriate licenses and ratings necessary to perform their contractual obligations. This typically means that any individual or entity involved must hold valid certifications, permits, or approvals from relevant authorities, such as professional licenses or regulatory ratings. By mandating compliance with licensing and rating standards, the clause ensures that all parties are qualified and legally authorized to carry out their duties, thereby reducing the risk of non-compliance and enhancing the reliability and safety of the contracted work.
Licensing and Rating. The bonds shall be duly executed by responsible surety companies admitted to do business in the State of California, licensed or authorized in the jurisdiction in which the Project is located to issue bonds for the limits required by this agreement, secured through an authorized agent with an office in California, and have a minimum AM Best rating of “A-” to an amount not to exceed ten percent (10%) of its capital and surplus.
Licensing and Rating. The bonds shall be from surety companies admitted to do business in the State of California, licensed or authorized in the jurisdiction in which the Project is located to issue bonds for the limits required by this agreement, listed as approved by the United States Department of Treasury Circular 570, ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇▇/c570, and which also satisfy the requirements stated in Section 995.660 of the Code of Civil Procedure, except as provided otherwise by laws or regulation, and have a minimum AM Best rating of “A-” to an amount not to exceed ten percent (10%) of its capital and surplus.