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

Penal Amount of Bonds, State Law. The 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, when established. Accordingly, the 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 Program Manager shall approve no payment for the work provided by the Change Order until the Design-Builder has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The Design-Builder 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, GMP when established. Accordingly, the Design-Builder 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 Program Manager Design Professional shall approve no payment for the work provided by the Change Order until the Design-Builder CM/GC has provided the written amendment to the Owner.

Penal Amount of Bonds, State Law. The 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, when established. Accordingly, the 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 Program Manager Executive Administrator shall approve no payment for the work provided by the Change Order until the Design-Builder has provided the written amendment to the Owner.