PERFORMANCE AND PAYMENT BONDS; GUARANTY; FINANCIAL INFORMATION. 8.1 Provision of Bonds 8.1.1. As a condition to issuance of the NTP, TSP shall provide, and continuously maintain in place for the benefit of the Joint Board, a Performance Bond in the form of Exhibit P for the TCS Installation Work. The Performance Bond shall be in the amount of the Total Toll Collection System Capital Price specified in the Price Proposal. Subject to Section 8.1.3, the Joint Board will release the Performance Bond if a separate Warranty Bond is provided, or if a rider is provided pursuant to Section 8.1.3, reduce the amount of the Performance Bond, as applicable, (a) upon expiration of the General Warranty Period specified in Section 11.4.1(ii), provided that no outstanding claims are then pending or threatened against TSP hereunder, or (b) upon satisfaction of the conditions in Section 8.1.3. 8.1.2. As a condition to issuance of the NTP, TSP shall provide, and continuously maintain in place for the benefit of the Joint Board, a Payment Bond in the form of Exhibit Q for the TCS Installation Work. Such bond shall be in an amount of 100% of the Total Toll Collection System Capital Price. Subject to Section 8.1.3, the Joint Board will release the Payment Bond (a) upon receipt of (i) evidence satisfactory to the Joint Board that all Persons eligible to file a claim against the bond have been fully paid and
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Samples: Toll Services Agreement, Toll Services Agreement, Toll Services Agreement
