Common use of Performance Bond and Labor and Material Payment Bond Clause in Contracts

Performance Bond and Labor and Material Payment Bond. Prior to the Construction Commencement Date, the CM shall obtain for the benefit of and directed to the Owner, a labor and material payment and performance bond, satisfying the requirements of Section 255.05, Florida Statutes, covering the faithful performance by the CM of its obligations under this Agreement, including but not limited to, the construction of the PROJECT on the Project Site, and the payment of all obligations arising thereunder, including all payments to subcontractors, laborers and materialmen (the "Payment and Performance Bond"). The surety selected by the CM to provide the Payment and Performance Bond shall be approved by the Owner prior the issuance of such Bond, which approval shall not be unreasonably withheld.

Appears in 11 contracts

Samples: Construction Management Agreement, Construction Management Agreement, Construction Management Agreement

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Performance Bond and Labor and Material Payment Bond. Prior to the Construction Commencement Date, the CM shall obtain for the benefit of and directed to the Owner, a labor and material payment and performance bond, satisfying the requirements of Section 255.05, Florida Statutes, covering the faithful performance by the CM of its obligations under this Agreement, including but not limited to, the construction of the PROJECT on the Project Site, and the payment of all obligations arising thereunder, including all payments to subcontractors, laborers and materialmen (the "Payment and Performance Bond"). The surety selected by the CM to provide the Payment and Performance Bond shall be approved by the Owner prior the issuance of such Bond, which approval shall not be unreasonably withheld. The CM shall maintain the Payment and Performance Bond in full force and effect for twelve (12) months following the Project Final Completion Date.

Appears in 1 contract

Samples: Construction Manager Agreement

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