Performance Bond and Payment Bonds Sample Clauses

Performance Bond and Payment Bonds. 12.4.1 The Design/Builder shall furnish to the SCCD, prior to the execution of any contract, surety bonds in favor of the Xxxxxx Community College District in the amounts of not less than one hundred (100%) of the amount of Contract, to guarantee faithful performance of Contract and a payment bond, each in the form attached to the Design Build Agreement.. The Bonds shall be issued by a California admitted surety with a rating classification of “A XIII” or better according to Best’s Rating Service. 12.4.2 The Xxxxxx Community College District acknowledges that any faithful performance and payments bonds provided by the Design/Builder shall not apply to errors or omissions in the furnishing of professional services in connection with architecture or engineering services provided by the Design/Builder or its consultants. The Xxxxxx Community College District waives and releases all claims against such sureties arising out of or relating to such professional errors and omissions; such release, however, does not apply to a failure to provide professional services where required under the Contract, and the performance bonds shall include the costs of such services. Professional Liability insurance shall be primary insurance in settling claims related to Errors and Omissions.
Sample 1Sample 2
AutoNDA by SimpleDocs
Performance Bond and Payment Bonds. 7.2.1 The Construction Manager shall provide performance and payment bonds equal to one hundred percent (100%) of the contract amounts. The bonds shall be in a form acceptable to the Owner. The bonds shall name the Owner as a third party obligee and shall be enforceable by the Owner, even if the Construction Manager’s services are terminated pursuant to the provisions of this Contract. 7.2.2 The Construction Manager shall deliver the required bonds to the Owner at least seven
Sample 1Sample 2
Performance Bond and Payment Bonds. 15.4.1 The DBE shall furnish to the District, prior to the execution of any contract: (1) a bond in an amount at least equal to one hundred percent (100%) of the Stipulated as security for faithful performance of the Contract Documents; and (2) a bond in an amount at least equal to one hundred percent (100%) of GMP as security for payment of persons performing labor and/or furnishing materials in connection with this Contract. All bonds related to this Project shall be in the forms set forth in these Contract Documents and shall comply with all requirements of the Contract Documents, including, without limitation, the bond forms. The bonds shall be issued by a California admitted surety with a rating classification of “A XIII” or better according to Best’s Rating Service. Cost of bonds shall be included in the GMP. 15.4.2 The District acknowledges that any faithful performance and payments bonds provided by the DBE shall not apply to errors or omissions in the furnishing of professional services in connection with architecture or engineering services provided by the DBE or its consultants. The District waives and releases all claims against such sureties arising out of or relating to such professional errors and omissions; such release, however, does not apply to a failure to provide professional services where required under the Contract Documents and the performance bonds shall include the costs of such services. Professional Liability insurance shall be primary insurance in settling claims related to Errors and Omissions.
Sample 1
Performance Bond and Payment Bonds. 15.4.1 The DBE shall furnish to the District, prior to the execution of any contract: (1) a bond in an amount at least equal to one hundred percent (100%) of the Stipulated as security for faithful performance of the Contract Documents; and (2) a bond in an amount at least equal to one hundred percent (100%) of NTE Amount as security for payment of persons performing labor and/or furnishing materials in connection with this Contract. All bonds related to this Project shall be in the forms set forth in these Contract Documents and shall comply with all requirements of the Contract Documents, including, without limitation, the bond forms. The bonds shall be issued by a California admitted surety with a rating classification of “A XIII” or better according to Xxxx’s Rating Service. Cost of bonds shall be included in the NTE Amount. 15.4.2 The District acknowledges that any faithful performance and payments bonds provided by the DBE shall not apply to errors or omissions in the furnishing of professional services in connection with architecture or engineering services provided by the DBE or its consultants. The District
Sample 1
Performance Bond and Payment Bonds. The Construction Manager shall furnish both a performance bond and a payment bond as set forth in Part 5. The surety must be one that is licensed to do business in the State of Texas, and the surety must in addition be acceptable to the Owner. Each bond shall be in an amount equal to 100% of the Project Cost. The Construction Manager shall deliver the required bonds to the Owner at least three days before the commencement of any Work at the Project site.
Sample 1

Related to Performance Bond and Payment Bonds

  • 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 and Payment Bonds The authority and responsibility for requesting performance and payment bonds shall rest with the Customer. Under this Contract, the Customer issuing the purchase order may request a performance and payment bond, as deemed necessary by the size of the job. Inability to provide a bond may result in the Contractor being found in default of the purchase order.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance and Payment Bond Contractor shall post with County, not later than ten (10) days of the execution of this Agreement, a performance and payment bond in the amount of one hundred percent (100%) of the total lump sum price in such form as is satisfactory to County. The bond shall be executed by a corporate surety company duly authorized and admitted to do business in the State of Texas and licensed to issue such a bond in the State of Texas.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Payment Bond PURCHASER shall furnish an acceptable payment bond or blanket payment bond to STATE as guarantee for payment for timber. Payment bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. The bonds shall be in an amount at least equal to the value of timber estimated to be removed during a one-month plus 15-day billing period as determined by STATE. In any event, the amount shall not be less than one installment payment as specified in Section 42. Under a payment bond, PURCHASER may remove timber for a 30-day period, after which time, payment becomes due and owing. PURCHASER shall make cash payment within 15 days following the end of the monthly period. Upon payment for timber removed in the monthly period, the payment guarantee may be applied as a guarantee for a subsequent period. A blanket payment bond shall be in an amount at least equal to the value of the timber estimated to be removed from all contracts covered by the blanket payment bond during a one-month plus 15-day billing period as determined by STATE. PURCHASER shall obtain and furnish STATE with a written consent of surety on forms provided by STATE for coverage of any contracts to which the blanket payment bond may apply. In no event shall PURCHASER remove timber with a value greater than the amount of the payment guarantee.

  • PERFORMANCE AND PAYMENT BONDS FOR INDIVIDUAL ORDERS H-GAC’s contractual requirements DO NOT include a Performance & Payment Bond (PPB); therefore, Contractor shall offer pricing that reflects this cost savings. Contractor shall remain prepared to offer a PPB to cover any order if so requested by the END USER. Contractor shall quote a price to END USER for provision of any requested PPB, and agrees to furnish the PPB within ten business (10) days of receipt of END USER's purchase order.

  • Letters of Credit for Payment Bond Notwithstanding the provisions of B4.3, Purchaser may use letters of credit in lieu of a surety bond for payment bond purposes when approved by Contracting Officer.

  • Delivery of the Notes and Payment Therefor Delivery to the Initial Purchasers of and payment for the Notes shall be made at the office of Xxxxxxx Procter LLP, at 10:00 A.M., New York City time, on the Closing Date. The place of closing for the Notes and the Closing Date may be varied by agreement between the Initial Purchasers and the Company. Payment for any Additional Notes shall be made to the Company against delivery of such Additional Notes for the respective accounts of the several Initial Purchasers at 10:00 a.m., New York City time, on the Option Closing Date. The Notes will be delivered to the Initial Purchasers, or the Trustee as custodian for The Depository Trust Company (“DTC”), against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the Notes to the account of the Initial Purchasers at DTC. The Notes will be evidenced by one or more global securities in definitive form and will be registered in the name of Cede & Co. as nominee of DTC. The Notes to be delivered to the Initial Purchasers shall be made available to the Initial Purchasers in New York City for inspection and packaging not later than 10:00 A.M., New York City time, on the business day next preceding the Closing Date or the Option Closing Date, as the case may be.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!