Common use of PAYMENT BONDS AND PERFORMANCE BONDS Clause in Contracts

PAYMENT BONDS AND PERFORMANCE BONDS. To the extent required by Chapter 2253 of the Texas Government Code, Developer shall cause its general contractor(s) to obtain payment and performance bonds naming the City as beneficiary or obligee of the bonds for construction of the Public Improvements and Public Infrastructure at the Project Site. Said bonds shall be in an amount sufficient to cover only the cost of the construction and completion of the Public Improvements and Public Infrastructure portion of the Project. Developer shall submit copies of the payment and performance bonds to the City’s TIF Unit and its contractors; however, Developer must obtain approval of the bonds by the City’s Risk Management Department PRIOR to construction.

PAYMENT BONDS AND PERFORMANCE BONDS. To the extent required by Chapter 2253 of the Texas Government Code, Developer shall cause its general contractor(s) to obtain payment and performance bonds naming the City as beneficiary or obligee of the bonds for construction of the Public Improvements and Public Infrastructure at the Project Site. Said bonds shall be in an amount sufficient to cover only the cost of the construction and completion of the Public Improvements and Public Infrastructure portion of the Project. Developer shall submit copies of the payment and performance bonds to the City’s TIF Unit Division and its contractors; however, Developer must obtain approval of the bonds by the City’s Risk Management Department PRIOR to construction.

PAYMENT BONDS AND PERFORMANCE BONDS. To the extent required by Chapter 2253 of the Texas Government Code, Developer shall cause its general contractor(s) to obtain payment and performance bonds naming the City as beneficiary or obligee of the bonds for construction of the Public Improvements and Public Infrastructure at the Project Site. Said bonds shall be in an amount sufficient to cover only the cost of the construction and completion of the Public Improvements and Public Infrastructure portion portions of the Project. Developer shall submit copies of the payment and performance bonds to the City’s TIF Unit and its contractors; however, Developer must obtain approval of the bonds by the City’s Risk Management Department PRIOR to construction.detailed in Section 5.3

PAYMENT BONDS AND PERFORMANCE BONDS. To the extent required by Chapter 2253 of the Texas Government Code, Developer shall cause its general contractor(s) to obtain payment and performance bonds naming the City as beneficiary or obligee of the bonds for construction of the Public Improvements and Public Infrastructure at the Project Site. Said bonds shall be in an amount sufficient to cover only the cost of the construction and completion of the Public Improvements and Public Infrastructure portion of the Project. Developer shall submit copies of the payment and performance bonds to the City’s TIF Unit Division and its contractors; however, Developer must obtain approval of the bonds by the City’s Risk Management Department PRIOR to constructionDepartment.