Performance and Project Bonds Sample Clauses

Performance and Project Bonds. At the time of executing this contract, PURCHASER must deposit with the STATE Twenty-Two Thousand Four Hundred Dollars ($22,400.00) for the Performance Bond and there is no the Project Bond in the form of a cashier’s check, money order, time certificate of deposit (with automatic renewal) in the State’s name in trust for the purchaser, or surety made payable to the STATE. Bonding must conform to 11 AAC 71.095. If cash is used for the Bonding it will be placed by the State in a separate state account and all interest on the Performance Deposit shall accrue to the benefit of STATE. If PURCHASER is in default under this Contract and has received notice of such default from the STATE, but has failed to cure such default, the STATE may apply said Bond to pay for the performance of the default obligation and any of the STATE’s expenses or damages incurred as a result of PURCHASER’s default. PURCHASER shall remain liable for any deficiency that remains after application of the Performance or Project Bond to any amount owed and within ten (10) days of STATE’s said application, PURCHASER must deposit that sum of money necessary to maintain a Twenty-Two Thousand Four Hundred Dollars ($22,400.00) for the Performance Bond and there is no the Project Bond.
Sample 1
AutoNDA by SimpleDocs
Performance and Project Bonds. At the time of executing this contract, PURCHASER must deposit with the STATE One Thousand Dollars ($1,000.00) for the Performance Bond and there is no Project Bond in the form of a cashier’s check, money order, time certificate of deposit (with automatic renewal) in the State’s name in trust for the purchaser, or surety made payable to the STATE. Bonding must conform to 11 AAC 71.095. If cash is used for the Bonding it will be placed by the State in a separate state account and all interest on the Performance Deposit shall accrue to the benefit of STATE. If PURCHASER is in default under this Contract and has received notice of such default from the STATE, but has failed to cure such default, the STATE may apply said Bond to pay for the performance of the default obligation and any of the STATE’s expenses or damages incurred as a result of PURCHASER’s default. PURCHASER shall remain liable for any deficiency that remains after application of the Performance or Project Bond to any amount owed and within ten (10) days of STATE’s said application, PURCHASER must deposit that sum of money necessary to maintain a Performance Bond of One Thousand Dollars ($1,000.00), and there is no Project Bond.
Sample 1

Related to Performance and Project Bonds

  • PERFORMANCE AND BID BONDS There are no bonds for this Contract. In accordance with Xxxxxxxx X, §00 Performance/Bid Bond, the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the term of the Contract.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance and Payment Bonds The authority and responsibility for requesting performance and payment bonds shall rest with the Customer. Under this Contract, the Customer issuing the purchase order may request a performance and payment bond, as deemed necessary by the size of the job. Inability to provide a bond may result in the Contractor being found in default of the purchase order.

  • Project Goals The schedule, budget, physical, technical and other objectives for the Project shall be defined.

  • Performance Assessment 6.1 The Performance Plan (Annexure A) to this Agreement sets out key performance indicators and competencies that needs to be evaluated in terms of – 6.1.1 The standards and procedures for evaluating the Employee’s performance; and 6.1.2 During the intervals for the evaluation of the Employee’s performance. 6.2 Despite the establishment of agreed intervals for evaluation, the Employer may in addition review the Employee’s performance at any stage while the contract of employment remains in force; 6.3 Personal growth and development needs identified during any performance review discussion must be documented in a Personal Development Plan as well as the actions agreed to and implementation must take place within set time frames; 6.4 The Employee’s performance will also be measured in terms of contributions to the goals and strategies set out in the Employer’s Integrated Development Plan (IDP) as described in 6.6 – 6.13 below; 6.5 The Employee will submit quarterly performance reports (SDBIP) and a comprehensive annual performance report at least one week prior to the performance assessment meetings to the Evaluation Panel Chairperson for distribution to the panel members for preparation purposes; 6.6 Assessment of the achievement of results as outlined in the performance plan: 6.6.1 Each KPI or group of KPIs shall be assessed according to the extent to which the specified standards or performance targets have been met (qualitative and quantitative) and with due regard to ad-hoc tasks that had to be performed under the KPI; 6.6.2 A rating on the five-point scale described in 6.9 below shall be provided for each KPI or group of KPIs which will then be multiplied by the weighting to calculate the final score; 6.6.3 The Employee will submit his self-evaluation to the Employer prior to the formal assessment; 6.6.4 In the instance where the employee could not perform due to reasons outside the control of the employer and employee, the KPI will not be considered during the evaluation. The employee should provide sufficient evidence in such instances; and 6.6.5 An overall score will be calculated based on the total of the individual scores calculated above.

  • Performance Reports None Specified

  • Performance and Payment Bond Contractor shall post with County, not later than ten (10) days of the execution of this Agreement, a performance and payment bond in the amount of one hundred percent (100%) of the total lump sum price in such form as is satisfactory to County. The bond shall be executed by a corporate surety company duly authorized and admitted to do business in the State of Texas and licensed to issue such a bond in the State of Texas.

  • Performance Reporting The State of California is required to submit the following financial reports to FEMA:

  • Performance of Contracts The Company shall not materially ------------------------ amend, modify, terminate, waive or otherwise alter, in whole or in part, any of the Employee Nondisclosure and Developments Agreements without the consent of the Company's Board of Directors.

  • Project Objectives 1.1 (Type the Project objectives)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!