Performance and Other Bonds. As of or immediately following the Closing the Purchaser shall arrange to obtain replacement performance and other bonds which have been posted by the Company, the Subsidiaries and/or the Shareholder (in the coverage amounts and for the term(s) set forth on such bonds) for delivery at the Closing (and to the appropriate Governmental Body, including those required by the NCUC and the VDH) which are set forth in SCHEDULE 5.25. All such bonds to be obtained by the Purchaser shall be effective as of the Closing Date for events arising on or after the Closing Date. Evidence satisfactory to the Shareholder of compliance with Applicable Law (including North Carolina General Statute 62-110.3 and NCUC rules R7-37 (water) and R10-24 (wastewater)) with respect to such bonds shall also be provided at the Closing by the Purchaser. The Purchaser acknowledges that (i) it shall have no right or claim to the performance and other bonds presently in existence and which are executed by the Shareholder, and (ii) the Shareholder shall cause the termination and cancellation of each such performance and other bond as of the Closing Date, and the Shareholder shall have the right to any and all proceeds and rebates, if any, therefrom with respect to such termination and cancellation; PROVIDED, HOWEVER, that the cost for such performance and other bonds was not previously charged to (and paid by) the Company and/or the Subsidiaries by the Shareholder.
Performance and Other Bonds. 5.1.1 PLUMBER shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Price as Security for the faithful performance and payment of all PLUMBER's obligations under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as otherwise provided by Law or Regulation or by the Contract Documents. PLUMBER shall also furnish such other Bonds as are required by the Supplementary Conditions. All Bonds shall be in the forms prescribed by Law or Regulation or by the Contract Documents and be executed by such sureties as are named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds, and as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Audit Staff Bureau of Accounts, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of the authority to act.
Performance and Other Bonds. 5.1 CONTRACTOR shall furnish performance and payment bonds, each in an amount at least equal to the Contract Price as security for the faithful performance and payment of all CONTRACTOR’S obligations under the Contract Documents. These bonds shall remain in effect at least until two years after the date of final payment, except as otherwise provided by law. CONTRACTOR shall also furnish other bonds as are required by the Contract Documents. All bonds shall be in the forms prescribed by the Contract Documents, and be executed by such sureties as (a) are licensed to conduct business in the state of Colorado, and (b) are named in the current list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as published in Circular 570 (amended) by the Audit Staff Bureau of Accounts, U.S. Treasury Department. All bonds signed by an agent must be accompanied by a certified copy of the authority to act.
Performance and Other Bonds. Borrower shall procure and deliver to Lender a performance bond and a labor and materials payment bond in such form and substance as are satisfactory to Lender in its sole reasonable discretion in amounts adequate to ensure the timely completion of construction of the Improvements. Without limiting the foregoing, such bonds shall be issued by a corporate surety approved by the United States Treasury Department, utilize an American Institute of Architect’s form or comparable coverage, name Borrower and Lender as co-obligees, and be in an amount equal to or greater than the complete cost of the Improvements. Upon completion of construction of the Improvements at the Property, Borrower shall keep all buildings and other insurable Improvements now existing or hereafter erected on the Property insured by Approved Carriers (as hereinafter defined) against loss by fire, hazards included within an all-risk “extended coverage” endorsement and such other hazards, casualties, liabilities and contingencies, including rent loss and/or business interruption coverage, as applicable, as Lender shall require and in such amounts and for such periods provided in this paragraph 2(u). All premiums on insurance policies shall be paid, at Lender’s option, in the manner provided under the Instrument, or by Borrower making payment, when due, directly to the carrier. Borrower shall purchase a blanket or other policies of insurance with respect to all buildings and other insurable Property with such Approved Carriers, in such amounts and covering such risks including, but not limited to, (i) loss or damage by fire, lightning, hail, windstorm, explosion, earthquake (if in a high risk area), and such other hazards, casualties and contingencies insured in an “all-risk” policy, all on an occurrence basis (including at least twelve (12) months rental or business interruption insurance and broad form boiler and machinery insurance, if applicable); (ii) loss or damage by flood, if the Property is in a 100-year flood hazard area as defined by the Federal Emergency Management Agency under the National Flood Insurance Program, in an amount equal to the greater of the replacement cost of the Property or the maximum amount available through the National Flood Insurance Program, but in no event less than the maximum amount available under the Flood Disaster Protection Act of 1973, and regulations issued pursuant thereof, as amended from time to time, or such lesser standard as Lender may permit,...
Performance and Other Bonds. 5.1. CONTRACTOR shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Price as security for the faithful performance and payment of all CONTRACTOR’s obligations under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as otherwise provided by Law or Regulation or by the Contract Documents. CONTRACTOR shall also furnish such other Bonds as are required by the TOWN. All Bonds shall be in the forms prescribed by Law or Regulation or by the Contract Documents and be executed by such sureties as are named in the current list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as published in Circular 570 (amended) by the Audit Staff Bureau of Accounts, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of the authority to act.
Performance and Other Bonds. Subsequent to the award and within three (3) days after the prescribed forms are presented for signature, the successful Bidder shall execute and deliver to the Owner a Construction Agreement in the form included in the contract documents in such number of copies as the Owner may require. Having satisfied all conditions of award as set forth elsewhere in these documents, the successful Bidder shall, within the period specified in the preceding paragraph, furnish a Performance Bond and Payment Bond, in accordance with the-parameters stated in the Contract.
Performance and Other Bonds. At the time Work is commenced pursuant to a Work Package, the Contractor shall furnish Performance and Payment Bonds, each in an amount at least equal to the value of the Work, as security for the faithful performance and payment of the Contractor’s obligations under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as otherwise provided by Laws or Regulations or by any and all requirements imposed by the Contract Documents. Bonds shall be in the forms prescribed by Laws or Regulations or by the Contract Documents, executed by such sureties as are named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (as amended) by the Audit Staff Bureau of Accounts, U.S. Treasury Department, and rated "A-" or better by A. M. Best Company. Xxxxx signed by an agent shall be accompanied by a certified copy of the authority to act. The Proposal package shall include proof of A. M. Best ratings. The Contractor shall use the latest versions of forms EJCDC C-610 and EJCDC C-615 for the Contract. If the Surety on any Bond furnished by the Contractor is declared bankrupt, becomes insolvent, its right to do business is terminated in any state where any part of the Work is located, or it ceases to meet the requirements of Paragraph 16, the Contractor shall, within five (5) days thereafter, substitute another Bond and Surety, both of which must be acceptable to the Board.
