Common use of Performance Bond and Payment Bond Clause in Contracts

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 Contractor Design-Builder 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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. If the Design-Builder fails to furnish evidence of such payment and performance bonds, agreements of indemnity or such additional security as set forth in this Section 10.2, within ten (10) days after written notice so to do, all payments under this Agreement will be withheld and work under this Agreement will be stopped until evidence of such bonds, additional security or agreements of indemnity is furnished.

Performance Bond and Payment Bond. The Contractor Construction Manager 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Construction Manager must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorConstruction Manager, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Construction Manager 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. Further, the Construction Manager must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Construction Manager and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Construction Manager shall promptly comply. The Contractor Construction Manager 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 Construction Manager shall promptly provide substitute security acceptable to the Department. If the Contractor Construction Manager 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 Contractor shall, before commencing the Construction Phase, provide to the Department a payment bond and performance bondbonds, each with a penal sum equal to the full value of the Lump Sum PriceAgreement. The Contractor will be required to post an updated payment and performance bonds to reflect the GMP Amendment amount.. In addition to the delivery of the performance and payment bonds, the Contractor must deliver to the Contracting Officer a copy of the executed Agreement of indemnity under which the bonds were issued. 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. Further, the Contractor must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States 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 Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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.twenty

Performance Bond and Payment Bond. The Contractor Design-Builder 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Design- Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design- Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. The Design-Builder will be required to post an updated payment and performance bonds to reflect the GMP Amendment amount. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign- Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000100,000.00) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. Further, the Design-Builder must deliver to the Contracting Officer copies of its Subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 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 100% of the Lump Sum PriceBidder’s 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 Contractor Design-Builder 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000100,000.00) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design- Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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.. If the Design-Builder fails to furnish evidence of such payment and performance bonds, agreements of indemnity or such additional security as set forth in this Section 10.2, within ten

Performance Bond and Payment Bond. The Contractor Construction Manager 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Construction Manager must deliver to the Contracting Officer a copy of the executed Agreement of indemnity under which the bonds were issued. 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 ContractorConstruction Manager, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Construction Manager 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. Further, the Construction Manager must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Construction Manager and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Construction Manager shall promptly comply. The Contractor Construction Manager 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 Construction Manager shall promptly provide substitute security acceptable to the Department. If the Contractor Construction Manager 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 Contractor Design-Builder 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 PriceGMP. The Design-Builder will be required to post an updated payment and performance bonds to reflect the GMP Amendment amount. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the CO a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000100,000.00) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. Further, the Design-Builder must deliver to the CO copies of its Subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Price GMP is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. The Design-Builder will be required to post an updated payment and performance bonds to reflect the GMP Amendment amount. In addition to the delivery of the performance and payment bonds, the Design-Builder must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design-Builder shall require all Subcontractors whose Subcontract prices exceed One Hundred Thousand Dollars ($100,000100,000.00) to provide payment and performance bonds, with a penal sum equal to one hundred percent (100%) of the subcontract price. Further, the Design-Builder must deliver to the Contracting Officer copies of its Subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor Design-Builder 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 PriceGMP. 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Design- Builder 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. Further, the Design- Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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 Contractor shall, before commencing the Construction Phase, provide to the Department a payment bond and performance bondbonds, each with a penal sum equal to the full value of the Lump Sum PriceAgreement. The Contractor will be required to post an updated payment and performance bonds to reflect the GMP Amendment amount. In addition to the delivery of the performance and payment bonds, the Contractor must deliver to the Contracting Officer a copy of the executed Agreement of indemnity under which the bonds were issued. 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. Further, the Contractor must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States 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 Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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.twenty

Performance Bond and Payment Bond. The Contractor Construction Manager 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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Construction Manager must deliver to the Contracting Officer a copy of the executed Agreement of Indemnity under which the bonds were issued. 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 ContractorConstruction Manager, even if such amount exceeds the penal value of such bond. Unless otherwise directed by the Department, the Contractor Construction Manager 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. Further, the Construction Manager must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. The Construction Manager shall reserve the right to enroll pre-qualified subcontractors in to the Construction Manager’s Subcontractor Default Insurance Program (“SDI”) in lieu of providing payment and performance bonds for such subcontractors. 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 States Department of Treasury’s Listing of Approved Sureties, authorized to do business in the District of Columbia and reasonably acceptable to the Department. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Construction Manager and the Department as dual obligees. If the Lump Sum Guaranteed Maximum 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 Construction Manager shall promptly comply. The Contractor Construction Manager 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 Construction Manager shall promptly provide substitute security acceptable to the Department. If the Contractor Construction Manager 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.. If the Construction Manager fails to furnish evidence of such payment and performance bonds, agreements of indemnity or such additional security as set forth in this Section 10.2, within ten

Performance Bond and Payment Bond. The Contractor Design-Builder 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. All bonding companies must be included on the Department of Treasury’s Listing of Approved Sureties. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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 Design-Builder shall promptly comply. The Contractor Design- Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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. If the Design-Builder fails to furnish evidence of such payment and performance bonds, agreements of indemnity or such additional security as set forth in this Section 10.2, within ten (10) days after written notice so to do, all payments under this Agreement will be withheld and work under this Agreement will be stopped until evidence of such bonds, additional security or agreements of indemnity is furnished.

Performance Bond and Payment Bond. The Contractor shallshall provide surety bonds, before commencing from a company or companies lawfully authorized to issue surety bonds in the Construction Phasejurisdiction where the Project is located, provide to as follows: Type Penal Sum ($0.00) Payment Bond 100% of the Department Contract Sum/Guaranteed Maximum Price Performance Bond 100% of the Contract Sum/Guaranteed Maximum Price Payment and Performance Bonds shall be in a payment form approved by the Owner. 3.4.1 Each bond and performance bond, each with shall be of a penal sum equal to the full value 100% of the Lump Sum PriceContract Sum, or Guaranteed Maximum Price if the Project is a Construction Manager at Risk project, whichever is applicable; provided, however, no limitation herein shall limit Contractor’s liability under the Contract Documents. Such The Contractor shall file copies of each bond with the county clerk and furnish the Owner with a file receipt. The bonds shall remain in full force and effect until Final Completion is achieved throughout the contractual correction period of the Agreement. Except as provided below, such bonds shall be delivered to the Owner and the Department shall be able Architect prior to draw upon such bond regardless commencement of the amount paid Work. All bonds will be reviewed by the Department Architect for compliance with the Contract Documents. In the event that the Architect has any questions concerning the sufficiency of the bonds, the bonds will be referred to the ContractorOwner or the Owner’s Representative with Architect’s recommendation. The Work will not be started until the bonds and issuing companies have been accepted as satisfactory by the Owner. (If a fixed contract amount or Guaranteed Maximum Price has not been determined at the time the contract is awarded, even if such amount exceeds then the penal value sums 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 bondsbonds delivered to the Owner must each be in an amount equal to the Project budget, as specified in the request for qualifications or request for sealed proposals. The Construction Manager at Risk shall deliver the bonds not later than the tenth day after the date the Construction Manager at Risk executes the Contract, unless the Construction Manager at Risk furnished a bid bond or other financial security acceptable to the District to ensure that the Construction Manager will furnish the required payment and performance bonds when the Guaranteed Maximum Price is established.) 3.4.2 All bonds shall fully comply with Texas Insurance Code Section 3503.001 et seq. and Texas Government Code Chapter 2253, or their successors, and shall be issued by a surety company acceptable to the Owner and licensed, listed and authorized to issue bonds in the State of Texas by the Texas Department of Insurance, with Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies). The surety company shall have a penal sum equal rating of not less than “A-X” according to one hundred the latest posted ratings on the A.M. Best website, xxx.xxxxxx.xxx. The surety company shall provide, if requested, information on bonding capacity and other projects under coverage and shall provide proof to establish adequate financial capacity for this Project. Should the bond amount be in excess of ten percent (10010%) of the subcontract price. All bonds must be surety company’s capital and surplus, then the surety company issuing the bond shall certify that the surety company has acquired reinsurance, in a form and amount acceptable to the DepartmentOwner, its lenders to reinsure the portion of the risk that exceeds ten percent (10%) of the surety company’s capital and surplus with one or bond trustee, more reinsurers who are duly authorized and issued admitted to do business in Texas and that the amount reinsured by a surety authorized reinsurer does not exceed ten percent (10%) of the reinsurer’s capital and surplus. Contractor shall immediately notify the Owner and Architect in writing if there is any change in: the rating; insolvency or receivership in any State; bankruptcy; right to do business in the District State; or status of Columbia and bonding company listed on the United State Department of TreasuryContractor’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 sureties at 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 actiontime until Final Completion.

Performance Bond and Payment Bond. The Contractor Design-Builder 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 ContractorDesign-Builder, even if such amount exceeds the penal value of such bond. All bonding companies must be included on the Department of Treasury’s Listing of Approved Sureties. Unless otherwise directed by the Department, the Contractor Design-Builder 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. Further, the Design-Builder must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States Department of Treasury’s Listing of Approved Sureties. All subcontractors’ bonds must include a dual obligee rider, naming the Contractor Design-Builder and the Department as dual obligees. If the Lump Sum Guaranteed Maximum 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 Design-Builder shall promptly comply. The Contractor Design-Builder 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 Design-Builder shall promptly provide substitute security acceptable to the Department. If the Contractor Design-Builder 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. If the Design-Builder fails to furnish evidence of such payment and performance bonds, agreements of indemnity or such additional security as set forth in this Section 10.2, within ten (10) days after written notice so to do, all payments under this Agreement will be withheld and work under this Agreement will be stopped until evidence of such bonds, additional security or agreements of indemnity is furnished.

Performance Bond and Payment Bond. The Contractor shall, before commencing any work on the Construction Phaseproject, 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 Contractor shall, before commencing Xxxxxxxx shall provide the Construction Phase, provide to the Department a following performance bond and labor and material payment bond or other performance security: A Performance Bond and performance bondLabor and Material Payment Bond as procured by Xxxxxxx in the amount of the Contract Sum. 14.1.1 At their sole cost and expense, each Xxxxxxxx and Xxxxxxx shall furnish a Performance Bond and Labor and Material Payment Bond on standard AIA forms, complying with the following specific requirements: 14.1.1.1 Bond shall be executed by a surety, licensed in the State of Minnesota, with a penal sum rating of no less than A/XII in the Best s Insurance Guide, and shall remain in effect for a period of not less than one (1) years following the date of Substantial Completion or the time required to resolve any items of incomplete Work and the payment of any disputed amounts, whichever time period is longer. 14.1.1.2 The Performance Bond and the Labor and Material Payment Bond shall each be in amount equal to the full value Xxxxxxxx Contract Sum and the Xxxxxxx Contract Sum and all subsequent increases. 14.1.1.3 Xxxxxxxx and Xxxxxxx shall require the attorney in fact who executes the required bonds on behalf of the Lump Sum PriceSurety to affix thereto a certified and current copy of his power of attorney indicating the monetary limit of such power. 14.1.1.4 Every Bond must display the surety’s bond number. Such bond shall remain in full force and effect until Final Completion is achieved and A rider including the Department following provisions shall be able attached to draw upon such bond regardless each bond: (i) The Surety hereby agrees that it consents to and waives notice of any addition, alteration, omission, change, or other modifications of the amount paid by the Department to the ContractorContract. Any addition, even if such amount exceeds the penal value alteration, change, extension of such bond. Unless otherwise directed by the Departmenttime, 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 other modification of the Contract, or a forbearance on the Department may require part of either Owner or Xxxxxxx/Xxxxxxxx to the other, shall not release the Surety of its obligations hereunder, and notice to the Surety of such matters is hereby waived; and (ii) The Surety agrees that the amount of it is obligated under the bonds to any successor, grantee, or assignee of Owner. 14.1.2 Upon the request of any person or entity appearing to be increased in a potential beneficiary of bonds covering payment of obligations arising under the amount of one hundred percent (100%) of the increaseAgreement, and the Contractor Xxxxxxxx shall promptly comply. The Contractor shall furnish a copy of its the bonds or shall permit a copy to be made. 14.1.3 Xxxxxxx and Xxxxxxxx shall keep the surety informed of the progress of the Work and, where necessary, obtain the surety s consent to, or waiver of, (i) notice of changes in the Work; (ii) request for reduction or release of retention; (iii) request for final payment; and (iv) any other item required by the surety. Owner shall be notified by Xxxxxxxx, in writing, of all communications with the surety. Owner may, in Owner s sole discretion, inform the surety of the progress of the Work and obtain consents as necessary to protect Owner’s rights, interests, privileges, and benefits under and pursuant to any potential beneficiary of bond issued in connection with 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 actionWork.

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 PriceGMP. In addition to the delivery of the performance and payment bonds, the Contractor must deliver to the Contracting Officer a copy of the executed Agreement of indemnity under which the bonds were issued. 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. Further, the Contractor must deliver to the Contracting Officer copies of its subcontractor’s Agreements of Indemnity. 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 States 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 Guaranteed Maximum Price is increased pursuant to the terms of the ContractAgreement, 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.twenty