Common use of Performance and Payment Guaranty Clause in Contracts

Performance and Payment Guaranty. 46.2.1 In lieu of a Performance and Payment Bond, the Contractor may furnish an alternate form of security, which may be in the form of cash, money order, certified check, cashier's check, or irrevocable letter of credit. Such alternate forms of security shall be for the same purpose and shall be subject to the same conditions as those applicable above and shall be held by the City for one (1) year after completion and acceptance of the Project.

Performance and Payment Guaranty. 46.2.1 In lieu of a Performance and Payment BondBonds, the Contractor may furnish an alternate form of security, which security that may be in the form of cash, money order, certified check, cashier's check, or irrevocable letter of credit. Such alternate forms of security must be approved by the City Attorney, shall be for the same purpose and shall be subject to the same conditions as those applicable above above, and shall be held by the City for one (1) year after completion and acceptance of the Project.