Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the Hoosier Care Connect program. The State reserves the right to increase the financial responsibility requirements set forth in this section if enrollment levels indicate the need to do so. In the event of a default by the Contractor, the State must, in addition to any other remedies it may have under the Contract, obtain payment under the performance bond or other arrangement for the purposes of the following: Reimbursing the State for any expenses incurred by reason of a breach of the Contractor’s obligations under the Contract, including, but not limited to, expenses incurred after termination of the Contract for reasons other than the convenience of the State. Reimbursing the State for costs incurred in procuring replacement services.
Performance Bond Requirements. Prior to making any Attachments under this Agreement, Licensee shall provide to CPS Energy a performance bond in an amount corresponding with the requirements of Appendix C. The bond shall be executed with a proper surety through a company licensed and qualified to operate in the State of Texas and listed with the U.S. Department of the Treasury as published in the Federal Register. In addition, the bond shall not be for an amount greater than the surety's approved limit as referenced in the current Federal Register and shall be accompanied by a certified power-of-attorney document, all still subject to the final approval of CPS Energy. The purpose of the bond is to ensure Licensee’s performance of all of its obligations under this Agreement and for the payment by Licensee of any damages, claims, liens, taxes, liquidated damages, penalties, or fees due to CPS Energy which arise by reason of the construction, installation, operation, maintenance, transfer, relocation, or removal of Licensee’s Attachments or Communications Facilities on or about CPS Energy’s Poles. This shall include claims for damages to CPS Energy Facilities caused by Licensee, or its contractors and agents. CPS Energy shall have the right to draw funds from the bond to recover damages to CPS Energy Facilities caused by Licensee, its contractors, or agents. Provision shall be made to permit CPS Energy to draw against the bond. Licensee shall not use such bond for other purposes and shall not assign, pledge or otherwise use the bond as security for any other purpose.
Performance Bond Requirements. The Contractor must provide a performance bond of standard commercial scope issued by a surety company registered with the IDOI, in the amount of $1,000,000, or other evidence of financial responsibility to guarantee performance by the Contractor of its obligations under the Contract. This requirement applies specifically to the Hoosier Care Connect program. If the Contractor also delivers services to Indiana Medicaid enrollees under a separate contract with the State, a separate performance bond is required for the
Performance Bond Requirements. (a) If and to the extent Xxxxxx provides a Performance Bond to NYCBOE after assignment of the NYCBOE Contract to Teltronics, then within ten (10) days following Xxxxxx delivery of a Performance Bond to NYCBOE, Teltronics shall use its best efforts to deliver to Xxxxxx a Performance Bond payable to Xxxxxx as security for Teltronics' full and faithful performance under the NYCBOE Contract for 50% of the amount and in the same form as that which Xxxxxx submits to NYCBOE.
(b) If and to the extent Xxxxxx provides a Performance Bond to NYCBOE, then Teltronics shall indemnify, defend and hold Xxxxxx harmless from and against every loss, cost, damage, expense, claim, or demand (including attorneys' fees and court costs in connection therewith) with respect to any and all damages alleged, assessed, or incurred by Xxxxxx (whether in contract, tort, or strict liability) resulting from any or otherwise arising out of or in any way connected to either with the failure of completion of the NYCBOE Contract, any default thereunder or the calling or redemption by NYCBOE of all or a portion Xxxxxx' performance bond.
(c) Teltronics further agrees that, throughout the term of NYCBOE Contract, Teltronics shall maintain or cause to be maintained the insurance requirement called out in NYCBOE Contract naming Xxxxxx as an additional insured.
Performance Bond Requirements. 1. A Contractor who fails to meet the financial viability criteria established above will be required by the RBHA to post a performance bond equal to one monthly payment less pharmacy withhold. The performance bond shall be of a standard commercial scope issued by a surety company doing business in the State of Arizona, an irrevocable letter of credit, or a cash deposit. The performance bond shall be in a form acceptable to the RBHA and shall be payable to the RBHA. In the case of an irrevocable letter of credit, the letter shall be issued by:
a. A bank doing business in Arizona and insured by the Federal Deposit Insurance Corporation, or
b. A savings and loan association and insured by the Federal Savings and Loan Insurance Corporation, or
c. A credit union and insured by the National Credit Union Administration.
Performance Bond Requirements. Paragraph (4)(b)(v) of Section (E) of the Supplemental Ninth Amendment Agreement is hereby amended to the extent of adding the following: “Contractors with senior management with at least ten years of continual contract performance with the Board will have the option to either (a) post an annual performance bond in the amount required hereunder or (b) pay to the Board an annual security fee equal to one half of one percent of such bond amount.”
Performance Bond Requirements. The Bidder shall furnish a performance bond covering the faithful performance of the awarded contract and a labor and material payment bond in the total amount of the Bid in such form and with such sureties as the City of Wixom or other Municipalities shall approve. If the selected vendor/contractor defaults, neglects or fails to perform any provisions of the awarded contract, the Municipalities may, at its discretion, and after seven (7) days’ written notice to the selected vendor/contractor, notify the bonding company that the selected vendor/contractor is in default.
1. The selected vendor/contractor shall provide and maintain in force a bond with surety, and on forms approved by the Municipality, in the amount of one hundred percent (100%) of the contract amount, that the selected vendor/contractor shall promptly and faithfully perform all obligations under the contract as awarded.
2. The selected vendor/contractor shall provide and maintain, in force, a bond with surety, and on forms approved by the Municipality, that the selected vendor/contractor shall make payment to claimant for all labor and material used or reasonably required for use in the performance of the awarded contract.
3. The final Bid price may not include costs to secure or hold performance or Bid bonds.
Performance Bond Requirements. The performance bond shall require completion of all work within a period of two (2) years from date of the application’s acceptance by the District in accordance with the plans and specifications prepared or approved by the District. Said bond shall also require the Developer to pay all persons furnishing labor and material and hold the District harmless from any claims thereon, whether any such claim may arise under the public works lien statutes or the mechanic lien statutes of the State of Washington; and compliance with the formal requirements of either or both said statutes. The District shall release the performance bond in accordance with the provisions of its final acceptance of the Developer Improvement.
Performance Bond Requirements. Within ten (10) days following Owner’s request therefor, Contractor shall provide to Owner evidence satisfactory to Owner that Contractor meets any and all qualifications and otherwise has the capacity to obtain bonds covering the faithful performance of Contractor’s obligations under this Agreement, such bonds to be in an aggregate amount equal to the Contract Sum (as the same may have been modified pursuant to any change orders) multiplied by two (2). Such evidence shall also include a statement of the cost of obtaining such payment and performance bonds. If Owner elects at its sole discretion, Contractor shall obtain some or all of such payment and performance bonds (as specified by Owner) and Owner shall reimburse Contractor for the cost of obtaining such payment and performance bonds.
Performance Bond Requirements. Prior to the effective date of the contract, the successful bidder shall provide VCTC with surety bonds or a letter of credit in the amount of seventy-five percent (75%) of contract price for year one, seventy-five percent (75%) for year two, and fifty percent (50%) of the annual contract price during years three through five, unless VCTC determines that a lesser amount would be adequate to cover damages from the contractor in failing to perform the services required and provide the equipment as contracted for.
