Common use of Performance Bond and Payment Bond Clause in Contracts

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.

Performance Bond and Payment Bond. The contractor Contractor shall execute Performance and Payment Bonds on a form acceptable furnish to the Owner payment and performance bonds in form and content and issued by a surety satisfactory to the Owner, covering the faithful performance and completion of the Agreement Contract and the payment of all obligations arising there underthereunder as stipulated in bidding requirements or specifically required in the Contract Documents on the date of execution of the Contract.