Payment and Performance Bond. Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.
Payment and Performance Bond. Prior to commencing work Contractor shall execute and deliver to County a payment and performance bond, or other adequate surety acceptable to the County, for 100% of the bid amount.
Payment and Performance Bond. The CONTRACTOR shall submit, upon execution of this agreement, a surety bond, or bonds, as security for faithful performance of the contract and for the payment of all firms or persons performing labor or furnishing materials for the work performed under the contract. The surety on such bond, or bonds, shall be a surety company satisfactory to the CITY.
Payment and Performance Bond. Payment and performance bonds for 100% of the Contract Sum, including all Change Orders and state sales tax, shall be furnished for the Work, and shall be in a form acceptable to the Owner. No payment or performance bond is required if the Contract Sum is $35,000 or less and Contractor agrees that Owner may, in lieu of the bond, retain 50% of the Contract Sum for the period allowed by RCW 39.08.010.
Payment and Performance Bond. The Contractor shall, at the time of their execution of the contract, furnish a corporate bond in the sum equal to the contract amount. The form of the bond shall be as the owner may prescribe and with a surety company authorized to do business in the states where the work is located.
Payment and Performance Bond. Contractor shall provide Owner with a Payment and a Performance Bond in the amount of the Contract Price within ten (10) days of the Notice of Award of Contract. Failure to provide the bond(s) shall result in this Agreement becoming null and void. No action on the part of the Owner shall be deemed to waive this requirement except a written amendment to this Agreement. Said bonds shall be in substantially the same form as in Section 255.05, Florida Statutes. Additionally, bonds must meet the following specifications: • The surety company shall have a currently valid Certificate of Authority issued by the State of Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida and be doing business in the State of Florida • The surety company shall have a currently valid Certificate of Authority issued by the United States Department of the Treasury under Sections 9304 and 9308, Title 31, of the United States Code. • The surety company shall be in full compliance with the provisions of the Florida Insurance Code • The surety company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued; and • The surety company shall have at least a Policy Holding's Rating of "A-” and Financial Rating of VI in the latest issue of ‟Best's Key Rating Guide”. Alternative forms of security as described in Section 255.05, Florida Statues, are acceptable where approved by the Owner in writing.
Payment and Performance Bond. The cost of the additional premium for Design-Builder’s bond arising directly from the changed Work. The cost of any change in insurance or bond premium shall be added after overhead and allowance for profit are calculated in accordance with subparagraph g. and h above.
Payment and Performance Bond. The cost (expressed as a percentage) of the change in the Contractor’s premium for the Contractor’s bond arising directly from the changed Work.
Payment and Performance Bond. Within ten (10) days after the Lessor approves the plans in writing and Lessee obtains building permits consistent with the Plans, but in any event prior to the commencement of any construction, the Lessee shall, at Lessee’s sole cost and expense, furnish the Lessor with a Payment and Performance Bond in substantially the form prescribed by Section 255.05, Florida Statutes. Plans, design and construction documents will comply with all applicable contract, legal, and regulatory requirements including, without limitation, the Florida Building Code. The Payment and Performance Bond shall be issued by a bonding company which shall be approved by Lessor, in the reasonable exercise of its discretion, in an amount equal to one hundred percent (100%) of the costs to construct the Leasehold Improvements described in Exhibit E naming the Lessor as the owner/obligee, and the Lessee or Lessee’s general contractor, as the principal guaranteeing the payment and performance of Lessee’s obligations with respect to any and all construction work pertaining to the Leasehold Improvements, free of construction or other liens. The conditions of the Payment and Performance Bond shall be to insure that the Lessee or Lessee’s general contractor will:
i. Promptly make payment to all claimants, as defined in Section 255.05 Florida Statutes, as amended, supplying the Lessee with labor, materials, or supplies, used directly or indirectly by the Lessee in the prosecution of the work related to the Leasehold Improvements under this Lease;
ii. Pay Lessor all losses, damages, expenses, costs, and attorney’s fees, including appellate proceedings, that Lessor sustains because of a default by Lessee under this Lease pursuant to claims made under Section 255.05, Florida Statutes; and
iii. Perform the guarantee of all obligations of the Lessee’s under this Lease with respect to the construction, and the acquisition and installation of the Leasehold Improvements. The Payment and Performance Bond may be terminated at such time as the construction, and the acquisition and installation of the Leasehold Improvements are completed as evidenced by issuance of a Certificate of Occupancy and reasonably satisfactory evidence thereof is provided by the Lessee to the City Manager, including certification by the Lessee’s architect that all requirements of the Payment and Performance Bond have been satisfactorily concluded, and by the issuance of a Certificate of Occupancy. The form of the Payment and Perfo...
Payment and Performance Bond. The Payment and Performance Bond security posted pursuant to Section 2.4.Y to guarantee payment and performance by the Contractor of its obligations hereunder.
