PAYMENT GUARANTEED BY BOND Sample Clauses
The "Payment Guaranteed by Bond" clause requires that payment obligations under a contract are secured by a surety bond. In practice, this means that a third-party guarantor (the surety) promises to pay the owed amount if the primary party fails to do so, often used in construction or supply contracts to protect the recipient of goods or services. This clause ensures that the party expecting payment has a financial safety net, reducing the risk of non-payment and increasing confidence in the transaction.
PAYMENT GUARANTEED BY BOND. (8/21) To guarantee payment, Purchaser may furnish and maintain an acceptable surety bond. The penal sum of such surety bond shall be the maximum amount of the payment guaranteed. For payment purposes, penal sum of the surety bond shall be in lieu of the performance bond furnished under C9.1.
PAYMENT GUARANTEED BY BOND. (08/2021)
PAYMENT GUARANTEED BY BOND. (08/2021) Contract Name: ▇▇▇▇▇▇▇▇ DxP Stewardship IRTC 159 Contract 2400-13,(10/19)