Performance Bond and Payment Bond. The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.
Performance Bond and Payment Bond. The Contractor shall, before commencing the Construction Phase, provide to the Department a payment bond and performance bond, each with a penal sum equal to the full value of the Lump Sum Price. Such bond shall remain in full force and effect until Final Completion is achieved and the Department shall be able to draw upon such bond regardless of the amount paid by the Department to the Contractor, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. All bonds must be in a form acceptable to the Department, its lenders or bond trustee, and issued by a surety authorized to do business in the District of Columbia and bonding company listed on the United State Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor and the Department as dual obligees. If the Lump Sum Price is increased pursuant to the terms of the Contract, the Department may require that the amount of the bonds be increased in the amount of one hundred percent (100%) of the increase, and the Contractor shall promptly comply. The Contractor shall furnish a copy of its bonds to any potential beneficiary of the bonds, or permit that person or company to make a copy. If the bonds provided become unacceptable to the Department, the Contractor shall promptly provide substitute security acceptable to the Department. If the Contractor intends to exercise its rights as dual obligee under any trade Subcontractor’s bond, it shall first give the Department twenty (20) days written notice, so that the Department may lodge any objection it may reasonably have to the proposed action.
Performance Bond and Payment Bond. The Design-Builder shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.
Performance Bond and Payment Bond. 11.4.1 The Owner shall have the right to require the Contractor to furnish bonds covering faithful performance of the Contract and payment of obligations arising thereunder as stipulated in bidding requirements or specifically required in the Contract Documents on the date of execution of the Contract.
11.4.2 Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under the Contract, the Contractor shall promptly furnish a copy of the bonds or shall permit a copy to be made.
Performance Bond and Payment Bond. 11.5.1 The Contractor shall furnish bonds covering faithful performance of the Contract and payment of obligations arising thereunder as stipulated in bidding requirements or specifically required in the Contract Documents on the date of execution of the contract. The amount of each bond shall be equal to one hundred percent (100%) of the Contract sum.
11.5.1.1 The Contractor shall furnish Payment and Performance Bonds as required by Section 255.05, Florida Statutes and Section 1013.47 Florida Statues.
11.5.1.2 The form of the Performance and Payment Bonds shall be as prescribed in Section 255.05,
Performance Bond and Payment Bond. The Contractor shall provide surety bonds, from a company or companies lawfully authorized to issue surety bonds in the jurisdiction where the Project is located, as follows: Type Penal Sum ($0.00) Payment Bond Performance Bond Payment and Performance Bonds shall be AIA Document A312™, Payment Bond and Performance Bond, or contain provisions identical to AIA Document A312™, current as of the date of this Agreement.
Performance Bond and Payment Bond. The CM/GC shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.
Performance Bond and Payment Bond. Contractor shall provide a performance bond and a payment bond as required by the Contract prior to start of Work.
Performance Bond and Payment Bond. 24.1 The Design-Builder will furnish a Statutory Payment Bond and a Common Law Performance Bond (Bonds) for the full and faithful performance of the Work, meeting the standards specified herein, on the bond forms attached to this Contract as Attachment 2, with a certified Power of Attorney Affidavit attached, each in the full amount of the GMP Contract Sum.
24.2 All Bonds required under this Contract will be written through a reputable and responsible surety bond agent, licensed to do business in the State of Florida and with an acceptable Surety company which holds a Certificate of Authority authorizing it to write surety bonds in Florida. Bonds will be furnished to the Owner not later than seven days after Notice of Award. Prior to the commencement of any of the Work, but not later than 30 days from the date of Notice of Award, the Design-Builder will record the Bonds in the public records of Hillsborough County, Florida.
24.3 An acceptable Surety company must meet all of the following requirements:
24.3.1 Hold a Certificate of Authority authorizing it to write surety bonds in Florida.
24.3.2 Have been in business and have a record of successful continuous operations for the last five years.
24.3.3 Be listed and maintain a current Certificate of Authority as acceptable surety on federal bonds and as acceptable reinsuring companies in accordance with U.S. Department of Treasury Circular 570, current revision. The amount of Bonds issued pursuant to this Contract will not exceed the underlying limitation in the Federal Register for that Surety.
24.3.4 Have a current rating by A.M. Best Company of “B+” up to $2,500,000.00 bond amount and “A” or better if over $2,500,000.00 bond amount.
24.3.5 Be a responsible Surety company at the time of the Bond execution. Should the Surety lose its Certificate of Authority according to the current Federal Register published by the U.S. Department of the Treasury, and/or should its Best rating be reduced below the rating required in Paragraph 24.3.4, the Owner will have the right to require Design-Builder to change the Surety to an acceptable Surety company, all at Design-Builder’s expense without reimbursement from Owner.
24.4 The Surety company will have a Florida licensed agent who is authorized to execute bonds for the Surety company and whose name is listed in the prescribed space on the bond forms and affidavit for all Bonds required by the Owner.
24.5 Upon the request of any person or entity appearing to be a potent...
Performance Bond and Payment Bond. The contractor shall execute Performance and Payment Bonds on a form acceptable to the Owner covering the faithful performance and completion of the Agreement and the payment of all obligations arising there under.
