Payment & Performance Bond. A bond(s), issued by a surety in accordance with §255.05 Florida Statutes, Article 6 of the Construction Contract and Article 5 of these General Conditions.
Payment & Performance Bond. 8.1 Within fifteen (15) calendar days after Notice of Award and in any event prior to commencing work, the CONTRACTOR shall execute and furnish to CITY a payment and performance bond, each written by a corporate surety, having a resident agent in the State of Florida and having been in business with a record of successful continuous operation for at least five (5) years. The surety shall hold a current certificate of authority from the Secretary of Treasury of the United States as an acceptable surety on federal bonds in accordance with United States Department of Treasury Circular No. 570. If the amount of the bond exceeds the underwriting limitation set forth in the circular, in order to qualify, the net retention of the surety company shall not exceed the underwriting limitation in the circular and the excess risks must be protected by coinsurance, reinsurance, or other methods, in accordance with Treasury Circular 297, revised September 1, 1978 (31DFR, Section 223.10, Section 223.11). Further, the surety company shall provide CITY with evidence satisfactory to CITY, that such excess risk has been protected in an acceptable manner. The surety company shall have at least the following minimum qualification in accordance with the latest edition of A.M. Best's Insurance Guide, published by Xxxxxx X. Best Company, Inc., Xxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000: B+ to A+ 8.2 Two (2) separate bonds are required and both must be approved by the CITY. The penal sum stated in each bond shall be 100% of the contract value. The performance bond shall be conditioned upon the CONTRACTOR’s performance of the work in the time and manner prescribed in the Agreement. The payment bond shall be conditioned upon the CONTRACTOR’s promptly making payments to all persons who supply the CONTRACTOR with labor, materials and supplies used directly or indirectly by the CONTRACTOR in the prosecution of the work provided for in this Agreement and shall provide that the surety shall pay the same in the amount not exceeding the sum provided in such bonds, together with interest at the maximum rate allowed by law; and that they shall indemnify and save harmless the CITY to the extent of any and all payments in connection with the carrying out of said Agreement which the CITY may be required to make under the law. Pursuant to the requirements of Section 255.05(1)(a), Florida Statutes, it shall be the duty of the CONTRACTOR to record the aforesaid payment and performance bonds in the publ...
Payment & Performance Bond. As security for faithful performance of this Contract and simultaneously with his delivery of the executed contract, the Contractor shall furnish the Town of Nags Head an executed bond in the amount of $40,000, as security for faithful performance of the Contract in accordance with the plans, specifications, and conditions of the Contract. A payment bond in the amount of $40,000, conditioned upon the prompt payment for all labor or materials for which a contractor or subcontractor is liable, is also required. The performance bond and the payment bond shall be executed by one or more surety companies legally authorized to do business in the State of North Carolina and shall become effective upon the execution of the Contract. The Town of Nags Head may increase the amount of each of the said performance bond and the payment bond if, in the Town of Nags Head’s reasonable discretion, the Contract amount will exceed, or is reasonably likely to exceed, $40,000. The Contractor agrees to promptly provide any such increased bond amounts, the provision of which may be required before the issuance of any Notice To Proceed.
Payment & Performance Bond. Subject to AEI's review and approval of the General Contractor's financial statements, AEI reserves the right to require labor, material or performance bonds. AEI Initial: Borrower Initial: /s/ CB Construction Commitment For: (1275 Johnson Ferry Rd. Xxxxxxx, XX, Caribou Coffee)
Payment & Performance Bond. Contractor will provide per the request of the HOA at cost of the contract. $5,011.00
