Payment Bonds. (Standard Form 25A). The penal amount of payment bonds at the time of contract award shall be 100 percent of the original contract price.
Payment Bonds. The penal amount of the payment bonds shall be one hundred percent (100%) of the original Contract sum, unless FTA determines in writing that a lesser amount would be adequate for the protection of the Federal interest. The bond shall be issued by a fully qualified surety company acceptable to STA and listed as a company currently authorized under 31 CFR part 223 as possessing a Certificate of Authority as described thereunder. STA may require additional payment bond protection when the Contract sum is increased. The increase in protection shall generally equal one hundred percent (100%) of the increase in Contract sum. STA may secure additional protection by directing the Contractor to increase the penal amount of the existing bond or to obtain an additional bond. Applicability – All contracts and subcontracts over $150,000. Contractor shall comply with all applicable standards, orders, or regulations pursuant to the Clean Air Act, 42 USC 7401 et seq. Contractor shall report each violation to STA and understands and agrees that STA will, in turn, report each violation as required to FTA and the appropriate EPA Regional Office. Contractor shall include these requirements in each subcontract exceeding $150,000 financed in whole or in part with FTA assistance.
Payment Bonds. 1. The penal amount of the payment bonds shall equal:
(i) 50 percent of the Agreement price if the Agreement price is not more than $1 Million;
(ii) 40 percent of the Agreement price if the Agreement price is more than $1 Million but not more than $5 Million; or
(iii) $2.5 Million if the Agreement price is more than $5 Million.
2. If the original Agreement price is $5 Million or less, the TJPA may require additional protection, as required by subparagraph 1, if the Agreement price is increased.
Payment Bonds. (i) Unless the con- tracting officer makes a written deter- mination supported by specific findings that a payment bond in this amount is impractical, the amount of the pay- ment bond must equal—
(A) 100 percent of the original con- tract price; and
(B) If the contract price increases, an additional amount equal to 100 percent of the increase.
(ii) The amount of the payment bond must be no less than the amount of the performance bond.
Payment Bonds. Payment Bonds will be released either 45 days after final acceptance of the project or upon receipt of releases from the Washington Department of Revenue, Washington Employment Security Department, and the Washington Department of Labor and Industries, whichever is later. Release is contingent on the fact that no claims against the bond have been filed prior to the 45 day xxxx. If claims have been filed against the bond, it will not be released until the claims have been resolved.
Payment Bonds. The Contractor shall obtain a payment bond in the amount indicated to the right. For Payment Bond Form see Attachment 2a. 100% of the Contract Price
Payment Bonds. 6.1 Payment bonds are required on contracts greater than $25,000. The cost of all required bonds shall be added to any individual purchase order for which it is required. Contractor must execute and return the required Payment Bond prior to providing the charter service.
Payment Bonds. The Contractor shall execute a payment bond in the full amount of the cost to construct the Improvements in favor of the City insuring against claims from suppliers and subcontractors. The payment bond shall be executed by a corporate surety authorized to do business in Texas in accordance with Chapter 2253 of the Texas Government Code, shall be on the City’s standard form, and shall contain a local resident agent for service of process. Owner and Developer may be co-obligees on the payment bond.
Payment Bonds. (a) A payment bond is required only when a performance bond is required, and if the use of payment bond is in the Government’s interest.
(b) When a contract price is in- creased, the Government may require additional bond protection in an amount adequate to protect suppliers of labor and material. [48 FR 42286, Sept. 19, 1983, as amended at 61 FR 39213, July 26, 1996]
Payment Bonds. 1. The penal amount of the labor and materials payment bonds shall equal to the full value of the contract must be furnished by the contractor to Recipient as security for payment by the Contractor and subcontractors for labor, materials, and rental of equipment. The bond may be issued by a fully qualified surety company acceptable to (Recipient) and listed as a company currently authorized under 31 C.F.R. part 223 as possessing a Certificate of Authority as described thereunder.
2. If the original Contract price is $5 million (5,000.000.) or less, the MTA may require additional protection as required by subparagraph 1, if the Contract price is increased.
