Common use of Payment and Performance Bond – Redeveloper Improvements Clause in Contracts

Payment and Performance Bond – Redeveloper Improvements. Prior to commencing construction of the Redeveloper Improvements, Redeveloper shall either (1) submit proof to the City that Redeveloper’s general contractor has furnished Redeveloper with a construction performance and construction payment bond in a sum not less than the contract sum for the Redeveloper Improvements. Such bonds shall be conditioned upon the Redeveloper at all times making payment of all amounts lawfully due to each person, as defined in Neb. Rev. Stat.

Payment and Performance Bond – Redeveloper Improvements. Prior to commencing construction of the Redeveloper Improvements, Redeveloper shall either (1) submit proof to the City that Redeveloper’s general contractor has furnished Redeveloper with a construction performance and construction payment bond in a sum not less than the contract sum for the Redeveloper Improvements. Such bonds shall be conditioned upon the Redeveloper at all times making payment of all amounts lawfully due to each person, as defined in Neb. Rev. Stat.the