Common use of Payment and Performance Bonds Clause in Contracts

Payment and Performance Bonds. Contactor shall furnish labor and materials Payment and Performance Bonds and shall be 100% of the negotiated Contract Sum. The Payment and Performance Bonds shall be in the amount of the Contract Sum. The Payment and Performance Bonds shall be in effect on the date the Contract is signed by Hastings and shall be submitted to Hastings within five (5) working days from full execution of this Agreement. Contractor shall promptly furnish such additional security as may be required by Hastings to protect its interests and those interests of persons or firms supplying labor or materials to the Work. Surety companies used by Contractor shall be an admitted surety insurer, (as defined in the California Code of Civil Procedure Section 995.120), on the date of the Contract signed by Hastings for full execution. The premium for the Payment and Performance Bonds shall be paid by Contractor.

Payment and Performance Bonds. Contactor shall furnish labor and materials Payment and Performance Bonds and shall be 100% of the negotiated Contract Sum. The Payment and Performance Bonds shall be in the amount of the Contract Sum. The Payment and Performance Bonds shall be in effect on the date the Contract is signed by Hastings Xxxxxxxx and shall be submitted to Hastings within five (5) working days from full execution of this Agreement. Contractor shall promptly furnish such additional security as may be required by Hastings Xxxxxxxx to protect its interests and those interests of persons or firms supplying labor or materials to the Work. Surety companies used by Contractor shall be an admitted surety insurer, (as defined in the California Code of Civil Procedure Section 995.120), on the date of the Contract signed by Hastings Xxxxxxxx for full execution. The premium for the Payment and Performance Bonds shall be paid by Contractor.