Common use of PAYMENTS AND SECURITY Clause in Contracts

PAYMENTS AND SECURITY. Price and Payment The Maintenance Price is paid in monthly installments, payable in arrears pursuant to Draw Requests submitted on the first day of each month of such Maintenance Term year. The annual Maintenance Price (MP) will be escalated or reduced based on changes in the Engineering News Record Construction Cost Index (ENR CCI). Retainage The Maintenance Contractor shall provide a retainage bond in the amount of 10% of the Maintenance Price, to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with the COMA. Insurance The Maintenance Contractor is responsible for maintaining insurance meeting TxDOT standards. Additional insurance may be required in the event of any unplanned capital maintenance. Bonds Performance and Payment Bonds are required, each having a term equal or greater to the then-current Maintenance Term. Guaranty TxDOT may, in its discretion based upon the review of the Financial Information provided in the RFQ and RFP, specify that an acceptable parent company or other affiliate company act as a Guarantor to the Design-Build Contractor by providing a guarantee with respect to the Design-Builder’s financial capabilities in a form acceptable to TxDOT. In addition, the Maintenance Contractor may be required to provide a guaranty if minimum net worth requirements are not met during the term of the COMA. Unplanned Capital Maintenance In connection with the performance of any unplanned capital maintenance or Change Orders, the Maintenance Contractor shall procure and maintain (a) the insurance deemed appropriate by TxDOT in its sole discretion and (b) payment and performance bonds all in the full amount of the unplanned capital maintenance or Change Order as determined by TxDOT in its sole discretion; provided, however, that subject to applicable law, TxDOT may, in its sole discretion, lower the level of bonding required.

PAYMENTS AND SECURITY. Price and Payment The Maintenance Price is paid in equal monthly installments, payable in arrears pursuant to Draw Requests submitted on the first day of each month of such Maintenance Term year. The annual Maintenance Price (MP) will be escalated or reduced based on changes in the Engineering News Record Construction Cost Index (ENR CCI), commencing on the Initial Maintenance Services Commencement Date and continuing annually thereafter. Retainage The Maintenance Contractor shall provide a retainage bond in the amount of 10% of the Maintenance Price, to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with the COMACMA. Payment Obligations TxDOT’s obligations to make any payments are expressly conditioned upon obtaining project financing funds, project operations funds and other appropriated and approved funding. Insurance The Maintenance Contractor is responsible for maintaining insurance meeting TxDOT standards. Additional insurance may be required in the event of any unplanned capital maintenanceUnplanned Capital Maintenance. Bonds Performance and Payment Bonds are required, each having a term equal or greater to the then-current Maintenance Term. Guaranty TxDOT mayDuring each such period, in its discretion based upon the review amount of each bond shall be equal to 75% of the Financial Information provided aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the RFQ Maintenance Term. Separate Maintenance Performance Bonds and RFP, specify that an acceptable parent company or other affiliate company act as Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance Parent Guaranty A guaranty of the Maintenance Contractor’s obligations from a Guarantor to the Design-Build Contractor approved by providing a guarantee with respect to the Design-Builder’s financial capabilities in a form acceptable to TxDOT. In addition, TxDOT will be required if the Maintenance Contractor may be required is a newly formed or limited liability entity, if the Maintenance Contractor submitted parent company financial statements in response to provide a guaranty the RFQ or RFP or if minimum the Maintenance Contractor fails to meet certain net worth requirements are not met during the term of the COMArequirements. Unplanned Capital Maintenance In connection with the performance of any unplanned capital maintenance Unplanned Capital Maintenance or Change Orders, the Maintenance Contractor shall procure and maintain (a) the insurance deemed appropriate by TxDOT in its sole discretion and (b) payment and performance bonds all in the full amount of the unplanned capital maintenance Unplanned Capital Maintenance or Change Order as determined by TxDOT in its sole discretion; provided, however, that subject to applicable law, TxDOT may, in its sole discretion, lower the level of bonding required.

PAYMENTS AND SECURITY. Price and Payment The Maintenance Price is paid in equal monthly installments, payable in arrears pursuant to Draw Requests submitted on the first day of each month of such Maintenance Term year. The annual Maintenance Price (MP) will be escalated or reduced based on changes in the Engineering News Record Construction Cost Index (ENR CCI), commencing on the Initial Maintenance Services Commencement Date and continuing annually thereafter. Retainage The Maintenance Contractor shall provide a retainage bond in the amount of 10% of the Maintenance Price, to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with the COMACMA. Payment Obligations TxDOT’s obligations to make any payments are expressly conditioned upon obtaining project financing funds, project operations funds and other appropriated and approved funding. Insurance The Maintenance Contractor is responsible for maintaining insurance meeting TxDOT standards. Additional insurance may be required in the event of any unplanned capital maintenanceUnplanned Capital Maintenance. Bonds Performance and Payment Bonds are required, each having a term equal or greater to the then-current Maintenance Term. Guaranty TxDOT mayDuring each such period, in its discretion based upon the review amount of each bond shall be equal to 75% of the Financial Information provided aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the RFQ Maintenance Term. Separate Maintenance Performance Bonds and RFPMaintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance Letter of Credit In addition to the Performance Bond described above, specify that an acceptable parent company or other affiliate company act as Maintenance Contractor shall provide to TxDOT, and shall maintain at all times, a Letter of Credit in the amount of $10 million which shall guarantee the performance of the Maintenance Services. Parent Guaranty A guaranty of the Maintenance Contractor’s obligations from a Guarantor to the Design-Build Contractor approved by providing a guarantee with respect to the Design-Builder’s financial capabilities in a form acceptable to TxDOT. In addition, TxDOT will be required if the Maintenance Contractor may be required is a newly formed or limited liability entity, if the Maintenance Contractor submitted parent company financial statements in response to provide a guaranty the RFQ or RFP or if minimum the Maintenance Contractor fails to meet certain net worth requirements are not met during the term of the COMArequirements. Unplanned Capital Maintenance In connection with the performance of any unplanned capital maintenance Unplanned Capital Maintenance Maintenance or Change Orders, the Maintenance Contractor shall procure and maintain (a) the insurance deemed appropriate by TxDOT in its sole discretion and (b) payment and performance bonds all in the full amount of the unplanned capital maintenance Unplanned Capital Maintenance or Change Order as determined by TxDOT in its sole discretion; provided, however, that subject to applicable law, TxDOT may, in its sole discretion, lower the level of bonding required.

PAYMENTS AND SECURITY. Price and Payment The Maintenance Price is paid in equal monthly installments, payable in arrears pursuant to Draw Requests submitted on the first day of each month of such Maintenance Term year. The annual Maintenance Price (MP) will be escalated or reduced based on changes in the Engineering News Record Construction Cost Index (ENR CCI), commencing on the Initial Maintenance Services Commencement Date and continuing annually thereafter. Retainage The Maintenance Contractor shall provide a retainage bond in the amount of 10% of the Maintenance Price, to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with the COMACMA. Payment Obligations TxDOT’s obligations to make any payments are expressly conditioned upon obtaining project financing funds, project operations funds and other appropriated and approved funding. Insurance The Maintenance Contractor is responsible for maintaining insurance meeting TxDOT standards. Additional insurance may be required in the event of any unplanned capital maintenanceUnplanned Capital Maintenance. Bonds Performance and Payment Bonds are required, each having a term equal or greater to the then-current Maintenance Term. Guaranty TxDOT mayDuring each such period, in its discretion based upon the review amount of each bond shall be equal to 75% of the Financial Information provided aggregate sum of the remaining annual Maintenance Price for all years of the applicable Maintenance Term, using the current annual Maintenance Price as the annual Maintenance Price for each year remaining in the RFQ Maintenance Term. Separate Maintenance Performance Bonds and RFP, specify that an acceptable parent company or other affiliate company act as Maintenance Payment Bonds shall be provided by Maintenance Contractor in the amount of any outstanding Unplanned Capital Maintenance. Parent Guaranty A guaranty of the Maintenance Contractor’s obligations from a Guarantor to the Design-Build Contractor approved by providing a guarantee with respect to the Design-Builder’s financial capabilities in a form acceptable to TxDOT. In addition, TxDOT will be required if the Maintenance Contractor may be required is a newly formed or limited liability entity, if the Maintenance Contractor submitted parent company financial statements in response to provide a guaranty the RFQ or RFP or if minimum the Maintenance Contractor fails to meet certain net worth requirements are not met during the term of the COMArequirements. Unplanned Capital Maintenance In connection with the performance of any unplanned capital maintenance Unplanned Capital Maintenance Maintenance or Change Orders, the Maintenance Contractor shall procure and maintain (a) the insurance deemed appropriate by TxDOT in its sole discretion and (b) payment and performance bonds all in the full amount of the unplanned capital maintenance Unplanned Capital Maintenance or Change Order as determined by TxDOT in its sole discretion; provided, however, that subject to applicable law, TxDOT may, in its sole discretion, lower the level of bonding required.

PAYMENTS AND SECURITY. Price and Payment The Maintenance Price is paid in monthly installments, payable in arrears pursuant to Draw Requests submitted on the first day of each month of such Maintenance Term year. The annual Maintenance Price (MP) will be escalated or reduced based on changes in the Engineering News Record Construction Cost Index (ENR CCI). Retainage The Maintenance Contractor shall provide a retainage bond in the amount of 10% of the Maintenance Price, to be used as a guaranty for the protection of any claimants and TxDOT for overpayments, Liquidated Damages, and other deductions or damages owed by the Maintenance Contractor in connection with the COMA. Insurance The Maintenance Contractor is responsible for maintaining insurance meeting TxDOT standards. Additional insurance may be required in the event of any unplanned capital maintenanceUnplanned Capital Maintenance. Bonds Performance and Payment Bonds are required, each having a term equal or greater to the then-current Maintenance Term. Guaranty TxDOT may, in its discretion based upon the review of the Financial Information provided in the RFQ and RFP, specify that an acceptable parent company or other affiliate company act as a Guarantor to the Design-Build Maintenance Contractor by providing a guarantee with respect to the Design-BuilderMaintenance Contractor’s financial capabilities in a form acceptable to TxDOT. In addition, the Maintenance Contractor may be required to provide a guaranty if minimum net worth requirements are not met during the term of the COMA. Unplanned Capital Maintenance In connection with the performance of any unplanned capital maintenance or Change Orders, the Maintenance Contractor shall procure and maintain (a) the insurance deemed appropriate by TxDOT in its sole discretion and (b) payment and performance bonds all in the full amount of the unplanned capital maintenance Unplanned Capital Maintenance or Change Order as determined by TxDOT in its sole discretion; provided, however, that subject to applicable law, TxDOT may, in its sole discretion, lower the level of bonding required.