Common use of Performance and Payment Security Clause in Contracts

Performance and Payment Security. 10.2.1 As a condition precedent to Department’s issuance of LNTP1, Design-Builder shall procure and maintain: 1 a performance bond that provides for expedited or accelerated dispute resolution in the form set forth in Exhibit 13, executed by a surety acceptable to Department, in an amount equal to two hundred fifty million dollars ($250,000,000); and .2 a payment bond in the form set forth in Exhibit 14, executed by a surety acceptable to Department, in an amount equal to two hundred fifty million dollars ($250,000,000). 10.2.2 As a condition precedent to Department’s issuance of the NTP, Design-Builder shall procure and maintain: 1 a performance bond that provides for expedited or accelerated dispute resolution in the form set forth in Exhibit 13, executed by a surety acceptable to Department, in an amount equal to one billion two hundred fifty million dollars ($1,250,000,000) (the “Performance Bond”); and .2 a payment bond in the form set forth in Exhibit 14, executed by a surety acceptable to Department, in an amount equal to one billion two hundred fifty million dollars ($1,250,000,000) (the “Payment Bond”). 10.2.3 Design-Builder may satisfy the terms of Section 10.2.2 by (i) increasing the penal sum of each of the performance bond and the payment bond provided by Design-Builder pursuant to Section 10.2.1 to the amount specified in Section 10.2.2 or (ii) replacing each of the performance and payment bond provided by Design-Builder pursuant to Section 10.2.1 with a performance bond and a payment bond that meet the requirements set forth in Section 10.2.2. 10.2.4 Design-Builder shall maintain the Payment Bond until the date on which Department makes final payment to Design-Builder in accordance with Section 6.8.3 of the General Conditions of Contract. Design-Builder shall maintain the Performance Bond until the later of: (i) the second (2nd) anniversary of the Final Completion Date and (ii) the expiration of the warranty period set forth in Section 2.10 of the General Conditions of Contract; provided that, as of the Final Completion Date, the surety’s penal sum under the Performance Bond shall be reduced to one hundred million dollars ($100,000,000).

Performance and Payment Security. 10.2.1 As a condition precedent to Department’s issuance of LNTP1, Design-Builder shall procure and maintain: 1 .1 a performance bond that provides for expedited or accelerated dispute resolution in the form set forth in Exhibit 13, executed by a surety acceptable to Department, in an amount equal to two hundred fifty million dollars ($250,000,000); and .2 a payment bond in the form set forth in Exhibit 14, executed by a surety acceptable to Department, in an amount equal to two hundred fifty million dollars ($250,000,000). 10.2.2 As a condition precedent to Department’s issuance of the NTP, Design-Builder shall procure and maintain: 1 .1 a performance bond that provides for expedited or accelerated dispute resolution in the form set forth in Exhibit 13, executed by a surety acceptable to Department, in an amount equal to one billion two hundred fifty million dollars ($1,250,000,000) (the “Performance Bond”); and .2 a payment bond in the form set forth in Exhibit 14, executed by a surety acceptable to Department, in an amount equal to one billion two hundred fifty million dollars ($1,250,000,000) (the “Payment Bond”). 10.2.3 Design-Builder may satisfy the terms of Section 10.2.2 by (i) increasing the penal sum of each of the performance bond and the payment bond provided by Design-Builder pursuant to Section 10.2.1 to the amount specified in Section 10.2.2 or (ii) replacing each of the performance and payment bond provided by Design-Builder pursuant to Section 10.2.1 with a performance bond and a payment bond that meet the requirements set forth in Section 10.2.2. 10.2.4 Design-Builder shall maintain the Payment Bond until the date on which Department makes final payment to Design-Builder in accordance with Section 6.8.3 of the General Conditions of Contract. Design-Builder shall maintain the Performance Bond until the later of: (i) the second (2nd) anniversary of the Final Completion Date and (ii) the expiration of the warranty period set forth in Section 2.10 of the General Conditions of Contract; provided that, as of the Final Completion Date, the surety’s penal sum under the Performance Bond shall be reduced to one hundred million dollars ($100,000,000).