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”).
7.4.1 If DB Contractor elects to provide P&P Bonds as Maintenance Security hereunder, DB Contractor shall obtain and provide to TxDOT at the times required herein, and shall maintain at all times, (a) a performance bond in the form attached as Exhibit 6 (the “Maintenance Performance Bond”), and (b) a payment bond, in the form attached as Exhibit 7 (the “Maintenance Payment Bond”), that shall guarantee the performance of the Maintenance Services and payment to Persons performing certain work for DB Contractor under this CMA.
7.4.2 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal to or greater than the then-current Maintenance Term. The initial amount of the Maintenance Performance Bond shall be required for the period of the Initial Maintenance Term and an adjusted amount required for each additional Maintenance Term for which a Maintenance NTP has been issued, based on the greater 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 greatest 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 Maintenance Security amount is required, using ENR 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 each Maintenance Performance Bond on the date that is one year after the expiration 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 CMA, (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 CMA Documents; (c) all final Record Documents have been delivered to TxDOT in accordance with Section 3.7, and (d) no outstanding Claims are then pending against DB Contractor hereunder.
7.4.4 DB Contrac...
Maintenance Payment and Performance Bonds. 3.2.3.1 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 3.2.3 and Section 4.1 of the CMA (the “P&P Bonds”).
3.2.3.2 If DB Contractor elects to provide P&P Bonds as Maintenance Security hereunder, DB Contractor shall obtain and provide to TxDOT at the times required herein, and shall maintain at all times (a) DocuSign Envelope ID: 8320AD6C-99DF-41FA-9908-4E441F89A70B the Maintenance Performance Bond and (b) the Maintenance Payment Bond that shall guarantee the performance of the Maintenance Services and shall also guarantee payment to Persons performing certain work for DB Contractor under this Capital Maintenance Contract. The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal to or greater than the then-current Maintenance Term. The amount of the Maintenance Performance Bond for each Maintenance Term shall be equal the total Maintenance Price payments to be made in the applicable Maintenance Term in accordance with Exhibit 3 to the CMA as such amounts are adjusted in accordance with this Section 3.2.3.2. For the purpose of determining the adjusted Maintenance Price payments in the preceding sentence, the annual Maintenance Price payment amounts described in Section 8.1 and set forth in Exhibit 3 to the CMA shall be adjusted, to the date that is 60 days prior to the date the Maintenance Security amount is required, using ENR CCI in accordance with the methodology set forth in Section 8.1.3 and then at an annual rate of 3% for each succeeding year.
3.2.3.3 DB Contractor shall deliver to TxDOT a Maintenance Payment Bond in the same amount and at the same times as is required for the Maintenance Performance Bond pursuant to Section
Maintenance Payment and Performance Bonds. 3.2.3.1 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 3.2.3 and Section 4.1 of the CMA (the “P&P Bonds”).
3.2.3.2 If DB Contractor elects to provide P&P Bonds as Maintenance Security hereunder, DB Contractor shall obtain and provide to TxDOT at the times required herein, and shall maintain at all times (a) the Maintenance Performance Bond and (b) the Maintenance Payment Bond that shall guarantee the performance of the Maintenance Services and shall also guarantee payment to Persons performing certain work for DB Contractor under this Capital Maintenance Contract.
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.
