Maintenance Payment and Performance Bonds Sample Clauses

Maintenance Payment and Performance Bonds. As Maintenance Security, DB Contractor may elect to provide and maintain payment and performance bonds in the amount and pursuant to the requirements set forth in this Section 7.4 (the “P&P Bonds”).
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Maintenance Payment and Performance Bonds. 7.1.1 On or before 60 Days after issuance by TxDOT of Maintenance NTP1, Maintenance Contractor shall provide to TxDOT, and shall maintain at all times, a Maintenance Performance Bond and a Maintenance Payment Bond, in the forms attached as Exhibit 6 and Exhibit 7 respectively that shall guarantee the performance of the Maintenance Services and shall also guarantee payment to Persons performing certain work for Maintenance Contractor under this Comprehensive Maintenance Agreement.
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Maintenance Payment and Performance Bonds. 7.4.1 On or before 60 Days after issuance by TxDOT of Maintenance NTP1, DB Contractor shall provide to TxDOT, and shall maintain at all times, a Maintenance Performance Bond and a Maintenance Payment Bond, in the forms attached as Exhibit 6 and Exhibit 7 respectively that shall guarantee the performance of the Maintenance Services and shall also guarantee payment to Persons performing certain work for DB Contractor under this Comprehensive Maintenance Agreement. 7.4.2 DB Contractor shall deliver by the time set forth in Section 7.4.1 and shall maintain in place a performance bond in the form attached hereto as Exhibit 6 (the “Maintenance Performance Bond”) in compliance with the provisions set forth herein until the date that is one year after the Maintenance Period. The initial amount of the Maintenance Performance Bond shall be required for the Initial Maintenance Term and an adjusted amount required for each additional Maintenance Term for which an NTP has been issued based on the higher of the following calculations: (1) 0.75 times the amount determined by calculating the sum of the five escalated annual Maintenance Price payments for each year in the Maintenance Term and (2) 100% of the highest escalated annual Maintenance Price payment in the applicable Maintenance Term. For the purpose of determining the escalated Maintenance Price payments in the preceding sentence, the annual Maintenance Price payment amounts described in Section 8.1 and set forth in Exhibit 4 shall be escalated, to the date that is 60 days prior to the date the O&M Security amount is required, using CPI or CCI in the same manner applied to the Maintenance Price in Section 8.1.3 and then at an annual rate of 3% for each succeeding year. 7.4.3 TxDOT shall provide a release of the Maintenance Performance Bond on the date that is one year after the end of the Maintenance Period and upon such date thereafter that all of the following have occurred: (a) DB Contractor is not in default under this Comprehensive Maintenance Agreement, (b) no event has occurred that with the giving of notice or passage of time would constitute a default by DB Contractor hereunder or under the COMA Documents; and (c) no outstanding Claims are then pending against DB Contractor hereunder. 7.4.4 DB Contractor shall deliver to TxDOT a payment bond in the same amount and at the same times as is required for the Maintenance Performance Bond pursuant to Section 7.4.2 in the form attached hereto as Exhibit 7 (the ...
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Maintenance Payment and Performance Bonds. Prior to commencement of construction of the Public Improvements, Developer’s Contractor shall provide maintenance, payment and performance bonds to the City as Owner for the construction of the Public Improvements, in accordance with the City’s “General Conditions for Public Works Construction,” to ensure completion of construction of the Public Improvements and payment of the subcontractors and suppliers of material and labor. Such bonds shall be executed with a corporate surety in accordance with Chapter 2253, Texas Government Code. The amount of such bonds shall be for 100% of the Construction Costs related to the construction of the Public Improvements and the bonds shall be on forms approved by the City Attorney.
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Related to Maintenance Payment and Performance Bonds

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

  • Bid and Performance Security The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after tender closing:

  • Assignment and Performance Neither this Agreement nor any right or interest herein shall be assigned, transferred, or encumbered without the written consent of the other party. In addition, Contractor shall not subcontract any portion of the Work required by this Agreement, except as provided in the Schedule of Subcontractor Participation. City may terminate this Agreement, effective immediately, if there is any assignment, or attempted assignment, transfer, or encumbrance, by Contractor of this Agreement or any right or interest herein without City’s prior written consent. Contractor represents that each person who will render services pursuant to this Agreement is duly qualified to perform such services by all appropriate governmental authorities, where required, and that each such person is reasonably experienced and skilled in the area(s) for which he or she will render his or her services. Contractor shall perform Contractor’s duties, obligations, and services under this Agreement in a skillful and respectable manner. The quality of Contractor’s performance and all interim and final product(s) provided to or on behalf of City shall be comparable to the best local and national standards. In the event Contractor engages any subcontractor in the performance of this Agreement, Contractor shall ensure that all of Contractor’s subcontractors perform in accordance with the terms and conditions of this Agreement. Contractor shall be fully responsible for all of Contractor’s subcontractors’ performance, and liable for any of Contractor’s subcontractors’ non-performance and all of Contractor’s subcontractors’ acts and omissions. Contractor shall defend at Contractor’s expense, counsel being subject to City’s approval or disapproval, and indemnify and hold City and City’s officers, employees, and agents harmless from and against any claim, lawsuit, third party action, fine, penalty, settlement, or judgment, including any award of attorney fees and any award of costs, by or in favor of any of Contractor’s subcontractors for payment for work performed for City by any of such subcontractors, and from and against any claim, lawsuit, third party action, fine, penalty, settlement, or judgment, including any award of attorney fees and any award of costs, occasioned by or arising out of any act or omission by any of Contractor’s subcontractors or by any of Contractor’s subcontractors’ officers, agents, or employees. Contractor’s use of subcontractors in connection with this Agreement shall be subject to City’s prior written approval, which approval City may revoke at any time.

  • DELIVERY AND PERFORMANCE All work performed under contracts or task orders will be at the highest quality applicable and delivered according to Statement of Objectives (SOO), Statement of Works (SOW), or Performance Work Statements (PWS). The Contractor must deliver and perform according to the requirements of the contract or task order, and may be denied further work for substandard performance. The Government may include deliveries or performance requirements, such as (1) optional clauses, (2) agency clauses, or (3) specific clauses, in a contract or task order.

  • Licensor Performance Obligations 1. The Licensor will use reasonable efforts to ensure that its performance will meet or exceed industry standards and practices. Additionally, the Licensor agrees to the following performance standards.

  • Maintenance Obligations In the event the Project includes construction then the following provisions are incorporated into this Agreement:

  • Security for Performance In the event that Exhibit A Section 4 indicates the need for Consultant to provide additional security for performance of its duties under this Agreement, Consultant shall provide such additional security prior to commencement of its Required Services in the form and on the terms prescribed on Exhibit A, or as otherwise prescribed by the City Attorney.

  • Monitoring of Contract Performance The Contractor shall comply with the monitoring arrangements set out in the Monitoring Schedule including, but not limited to, providing such data and information as the Contractor may be required to produce under the Contract.

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