Common use of Penal Amount of Bonds, State Law Clause in Contracts

Penal Amount of Bonds, State Law. The CM/GC acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the GMP Cost Limitation or GMP when established. Accordingly, the CM/GC warrants and agrees that, for any Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CM/GC has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The CM/GC Design-Builder acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the GMP Cost Limitation or GMP GMP, when established. Accordingly, the CM/GC Design-Builder warrants and agrees that, for any Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional Program Manager shall approve no payment for the work provided by the Change Order until the CM/GC Design-Builder has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The CM/GC acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the sum of authorized Component Change Orders, the GMP Cost Limitation Limitation, or GMP Change Order when established. Accordingly, the CM/GC warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost of the work Work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CM/GC has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The CM/GC Design-Builder acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the GMP Cost Limitation or GMP GMP, when established. Accordingly, the CM/GC Design-Builder warrants and agrees that, for any Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional Executive Administrator shall approve no payment for the work provided by the Change Order until the CM/GC Design-Builder has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The CM/GC CMR acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, Title 36 Chapter 91 the performance bond and the payment bond must be in a penal amount equal to at least 100% of the sum of authorized Component Change Orders, the GMP Cost Limitation Limitation, or GMP Change Order when established. Accordingly, the CM/GC CMR warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CM/GC CMR has provided the written amendment to the OwnerBoard .

Penal Amount of Bonds, State Law. The CM/GC CMR acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, Title 36 Chapter 91 the performance bond and the payment bond must be in a penal amount equal to at least 100% of the GMP sum of authorized Construction Orders, the Stated Cost Limitation Limitation, or GMP Change Order when established. Accordingly, the CM/GC CMR warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CM/GC CMR has provided the written amendment to the OwnerBoard .

Penal Amount of Bonds, State Law. The CM/GC acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the sum of authorized Component Change Orders, the GMP Cost Limitation Limitation, or GMP Change Order when established. Accordingly, the CM/GC warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost Cost of the work Work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CM/GC has provided the written amendment to the Owner.