Common use of Owner’s Right to Replace Surety Clause in Contracts

Owner’s Right to Replace Surety. If any surety upon any bond furnished in connection with this Contract becomes objectionable to Owner and fails to submit to Owner the documents described in California Code of Civil Procedure Sections 995.660(a)(1) through (a)(4) within the time specified in those Sections, then XXXX shall promptly furnish such additional security as may be required by Owner to protect the interests of Owner and of persons entitled to make a claim against the payment bond. Failure to furnish such additional security shall constitute a material breach of the agreement.

Owner’s Right to Replace Surety. If any surety upon any bond furnished in connection with this Contract becomes objectionable to Owner and fails to submit to Owner the documents described in California Code of Civil Procedure Sections 995.660(a)(1) through (a)(4) within the time specified in those Sections, then XXXX D-BE shall promptly furnish such additional security as may be required by Owner to protect the interests of Owner and of persons entitled to make a claim against the payment bond. Failure to furnish such additional security shall constitute a material breach of the agreement.

Owner’s Right to Replace Surety. If any surety upon any bond furnished in connection with this Contract becomes objectionable to Owner OWNER and fails to submit to Owner OWNER the documents described in California Code of Civil Procedure Sections 995.660(a)(1) through (a)(4) within the time specified in those Sections, then XXXX D-BE shall promptly furnish such additional security as may be required by Owner OWNER to protect the interests of Owner OWNER and of persons entitled to make a claim against the payment bond. Failure to furnish such additional security shall constitute a material breach of the agreement.