Common use of Maintenance Payment and Performance Bonds and Retainage Bonds Clause in Contracts

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 100% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed. 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On Unless TxDOT has notified Maintenance Contractor in writing that it will not elect to extend this Capital Maintenance Agreement for a Second Maintenance Term (or before 60 Days after issuance by TxDOT of a Third Maintenance NTP2 and Term following a Second Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectivelyTerm), Maintenance Contractor shall either either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.of 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage Bonds. 7.1.1 On or before 60 90 Days after issuance by TxDOT of Maintenance NTP1, Maintenance Contractor shall provide to TxDOT, and shall maintain at all times, (i) 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 Capital Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond retainage bond shall be in the amount of 410% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term; provided that for any Maintenance Term that exceeds five years, Maintenance Contractor may provide a Maintenance Performance Bond and a Maintenance Payment Bond with a five-year term with renewals of such bonds for the remainder of the Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds Term and Maintenance Payment Bonds shall be provided by Maintenance Contractor in if applicable the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On or before 60 Days after issuance by Unless TxDOT of Maintenance NTP2 and Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectively, has notified Maintenance Contractor shall either (1) provide in writing that it will not elect to extend this Capital Maintenance Agreement for a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of ), Maintenance Contractor shall be responsible for obtaining renewal, and, if applicable, and adjusting the amount, of the Maintenance Performance Bond and the Maintenance Payment Bond and shall provide TxDOT with evidence of such renewal and adjustment at least 90 Days prior to expiration of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.against 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion. The letter of credit shall be separate and in addition to the Letter of Credit described in Section 7.2.

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 100% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.against 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage 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, (i) a Maintenance Performance Bond and a Maintenance Payment Bond, in the forms attached as Exhibit 6 6-A and Exhibit 7 respectively 7-A, 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 Capital Comprehensive Maintenance AgreementAgreement and shall include a dual obligee rider whereby CRRMA is named as additional obligee, in the forms attached as Exhibit 6-B and Exhibit 7-B; and (ii) a Retainage Bond in the form attached as Exhibit 8. -A that shall include a dual obligee rider whereby CRRMA is named as additional obligee, in the form attached as Exhibit 8-B. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Comprehensive Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better byby A.M. Best Company or rated in the top two categories by two nationally recognized rating agencies, or as otherwise approved by TxDOT in its sole discretion. If any bond previously provided becomes ineffective, or if the Surety that provided the bond no longer meets the requirements hereof, Maintenance Contractor shall provide a replacement bond in the same form issued by a surety meeting the foregoing requirements, or other assurance satisfactory to TxDOT, in its sole discretion. If the Maintenance Price is increased in connection with a Change Order, TxDOT may, in its sole discretion, require a corresponding proportionate increase in the amount of each bond or alternative security. 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.23.5.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 NTP3, pursuant to Section Sections 4.2 and Section 4.3, 4.3 respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond Bond, each including dual obligee riders whereby CRRMA is named as additional obligee, in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) ), meeting the requirements of Section 7.1.3 or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.claim 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Comprehensive Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Comprehensive Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.23.5.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 NTP3, pursuant to Section Sections 4.2 and Section 4.3, 4.3 respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.against 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Maintenance Agreement; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance Agreement. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On or before 60 Days after issuance by TxDOT of Maintenance NTP2 and Maintenance NTP3 NTP3, pursuant to Section Sections 4.2 and Section 4.3, 4.3 respectively, Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.against 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.

Maintenance Payment and Performance Bonds and Retainage 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, (i) 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 Capital Maintenance AgreementCMA; and (ii) a Retainage Bond in the form attached as Exhibit 8. The Retainage Bond shall be in the amount of 4% of the Maintenance Price, and is to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with this Capital Maintenance AgreementCMA. 7.1.2 Each bond required hereunder shall be issued by a Surety authorized to do business in the State with a rating of at least A minus (A-) or better and Class VIII or better by 7.1.3 The Maintenance Performance Bond and the Maintenance Payment Bond shall each have a term equal or greater to the then-current Maintenance Term. During each such period, the amount of each bond shall be equal to 10075% of the aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the Maintenance Term; provided however, the amount of each bond shall not be less than 100% of the then current annual Maintenance Price. Separate Maintenance Performance Bonds and Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance as determined under Section 3.4.2. 7.1.4 On Unless TxDOT has notified Maintenance Contractor in writing that it will not elect to extend this CMA for a Second Maintenance Term (or before 60 Days after issuance by TxDOT of a Third Maintenance NTP2 and Term following a Second Maintenance NTP3 pursuant to Section 4.2 and Section 4.3, respectivelyTerm), Maintenance Contractor shall either (1) provide a Maintenance Performance Bond, a Maintenance Payment Bond and a Retainage Bond in connection with the Second Maintenance Term (or a Third Maintenance Term following a Second Maintenance Term) or (2) provide evidence of renewal, and, if applicable, adjusting the amount, of the existing bonds. 7.1.5 TxDOT will release the Maintenance Performance Bond upon expiration of the Warranty Period, provided that no outstanding claims Claims are then pending against Maintenance Contractor hereunder. 7.1.6 TxDOT will release the Maintenance Payment Bond upon the latest to occur of: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Maintenance Payment Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Maintenance Payment Bond, or (b) expiration of the statutory period for Subcontractors to file a claim against the Maintenance Payment Bond if no claims have been filed.Claim 7.1.7 Performance by a Surety or a Guarantor of any of the obligations of Maintenance Contractor shall not relieve Maintenance Contractor of any of its obligations hereunder. 7.1.8 In the event any of the bonds required herein for the Second Maintenance Term or Third Maintenance Term become commercially unavailable, Maintenance Contractor may substitute a letter of credit or other form of security for the Maintenance Services acceptable to TxDOT, in its sole discretion.