Payments for Materials and Equipment. Payments will be made for material and equipment not incorporated in the work but delivered and suitably stored at the site or another location subject to prior approval and acceptance by the Owner on each occasion.
Payments for Materials and Equipment. Construction Manager may invoice Owner and Owner will pay for expenditures for materials and equipment received on the Project Site or another location prior to being consumed during construction or incorporated into the Work if the equipment and materials are in conformance with the Contract Documents, are received, inventoried and stored properly, Owner approves and accepts the same, and Owner acquires title upon payment therefore. Construction Manager nevertheless retains full responsibility for care, custody and control of such materials and equipment. BONDS, INSURANCE, INDEMNITY AND WAIVER OF SUBROGATION Bonds. In accordance with the provisions of Section 255.05, Florida Statutes, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond for this project, each in an amount not less than the total construction cost for the Project as defined in Article 8, and inclusive of the Construction Manager's fees pursuant to Article 7 for the Project. The bonds shall be delivered to Owner within ten (10) days after execution of a Project GMP and shall not expire until expiration of the Warranty Period for the Project. The Construction Manager shall not commence any construction work in connection with a Project until the bonds have been approved by Owner. To be acceptable as Surety for Performance Bonds and Labor and Material Payment Bonds, a Surety Company shall comply with the following provisions: The Surety Company shall have a currently valid Certificate of Authority, issued by the State of Florida, Department of Insurance, authorizing it to write surety bonds in the State of Florida. The Surety Company shall have a currently valid Certificate of Authority issued by the United States Department of Treasury under Sections 9304 to 9308 of Title 31 of the United States Code. The Surety Company shall be in full compliance with the provisions of the Florida Insurance Code. The Surety Company shall have at least twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued. The Surety Company shall have at least an A- policyholder’s rating and a Class VII financial rating in the latest issue of Best's Key Rating Guide. The Surety Company must agree not to expose itself to any loss on any one risk in an amount exceeding ten (10) percent of its surplus to policyholders, provided: Any risk or portion of any risk be...
Payments for Materials and Equipment. Payments will be made for materials and equipment not yet incorporated in the PROJECT but delivered and suitably stored at the PROJECT site, or another location subject to prior approval and acceptance by the CITY REPRESENTATIVE on each occasion. No payment or compensation for materials purchased by XXXX but not yet installed or incorporated into the PROJECT shall be made without the CITY REPRESENTATIVE’s prior written approval of the conditions under which such materials are purchased and stored. The CITY REPRESENTATIVE’s prior written approval shall be provided in a timely manner and not unreasonably withheld. Documentation of the CITY’s approval to pre‐ pay for materials and/or equipment shall be attached to the application for payment.
Payments for Materials and Equipment. Payments will be made for material and equipment not incorporated in the Work but delivered and suitably stored at the site or another location subject to prior written approval and acceptance by the College on each occasion (and subject to such conditions as the College may, in the College’s sole and absolute discretion, impose, including, but not limited to, insurance and storage at a bonded warehouse).
Payments for Materials and Equipment. Payments will be made for material and equipment not incorporated in the Work but delivered and suitably stored at the site or another location subject to prior written approval and acceptance by City on each occasion.
