Common use of PERFORMANCE / BID BOND Clause in Contracts

PERFORMANCE / BID BOND. The Issuing Entity reserves the right to require the Bidder/Contractor to furnish without additional cost, a performance, payment or bid bond or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

PERFORMANCE / BID BOND. The Issuing Entity reserves the right right, pursuant to State Finance Law, to require the Bidder/Contractor to furnish without additional cost, a performance, payment or bid bond or negotiable irrevocable letter of credit or other form of security for the faithful performance of services under the Contractcontract, whenever the Commissioner in his/her sole discretion deems such bond or security to be in the Issuing Entity’s best interest. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

PERFORMANCE / BID BOND. The Issuing Entity reserves the right right, pursuant to State Finance Law, to require the Bidder/Contractor to furnish without additional cost, a performance, payment or bid bond or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contractcontract, whenever the Commissioner in his/her sole discretion deems such bond or security to be in the Issuing Entity’s best interest. Where required, such bond or other security shall be in the form prescribed by the Commissioner.