Common use of Performance and Payment Bonds Clause in Contracts

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s RepresentativeOR, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a 13.1 A Performance Bond, Payment Bond and Materials BondBond shall be submitted by Contractor for all as indicated in Article 6. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in a form that complies with the form supplied by Owner or requirements of CRS 00-00-000 and 106 and any other applicable requirement of the Colorado Revised Statutes and shall be in such other form as approved by OwnerCounty. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner County in its sole discretion, when any damages to the Owner County result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and OwnerCounty; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s . 13.2 Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. . 13.3 If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 twenty (20) days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof, including all costs associated with completing unfinished work, correcting or remediating work that is not performed to acceptable standards. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 38‐26‐105 and 106. Contractor’s Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact attorney‐in‐fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- fact attorney‐in‐fact signed each bond. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor shall submit to Owner’s Representative, evidence of surety bonds consisting of and providing coverage for a 13.1 A Performance Bond, Payment Bond and Materials BondBond shall be submitted by Contractor for all as indicated in Article 6. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in a form that complies with the form supplied by Owner or requirements of CRS 00-00-000 and 106 and any other applicable requirement of the Colorado Revised Statutes and shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the Contractor’s services pursuant to this Contract, or Contractor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. Contractor’s . 13.2 Performance Bond, Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. . 13.3 If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor shall promptly notify Montrose County, Colorado, and shall, within 20 twenty (20) days after the event giving rise to such notification, provide another bond and surety in compliance with this section.

Performance and Payment Bonds. Concurrently with the execution of this Contract, Contractor Vendor shall submit to Owner’s RepresentativeOR, evidence of surety bonds consisting of and providing coverage for a Performance Bond, Payment Bond and Materials Payment Bond. Each bond shall be in the amount of the One Hundred Percent (100%) of contract sum and shall either be in the form supplied by Owner or shall be in such other form as approved by Owner. The bond shall make reference to this Contract, and may be drawn against in an appropriate amount as determined by the Owner in its sole discretion, when any damages to the Owner result from the ContractorVendor’s services pursuant to this Contract, or ContractorVendor’s malfeasance, misfeasance, or breach in the performance hereof. The purpose of the bond is to secure the performance of and the compliance with this Contract by and between the Contractor Vendor and Owner; the bond shall not be transferable. Each bond shall comply with the requirements of C.R.S. §§ 00-00-000 and 106. ContractorVendor’s Performance Bond, Bond and Payment Bond, and Materials Bond shall be provided by surety or insurance companies that are duly licensed to do business in Colorado, and which appear on the 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 Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- in-fact signed each bond. If the surety on any bond furnished by Contractor Vendor is declared bankrupt or becomes insolvent or if its right to do business in Colorado is terminated, or if it ceases to appear on Treasury Circular 570 noted above during the term of this Contract, Contractor Vendor shall promptly notify Montrose County, Colorado, and shall, within 20 days after the event giving rise to such notification, provide another bond and surety in compliance with this section.