PERFORMANCE BONDS AND PAYMENT BONDS Sample Clauses

PERFORMANCE BONDS AND PAYMENT BONDS. When the contract amount exceeds $100,000, a Performance Bond and a Payment Bond issued in a sum equal to one hundred (100%) percent of the total estimated Contract amount for the first Contract year by a Surety company considered satisfactory by the County according to the criteria in Section 19 will be required from the successful Bidder for purposes of insuring the faithful performance of the obligations imposed by the resulting Contract and for purposes of protecting the County from lawsuits for non-payment of debts as might be incurred during the successful Bidder's performance under such Contract. The Performance Bond and the Payment Bond forms will be included in the Contract Documents and said forms must be properly executed by the Surety company and successful Bidder within ten (10) days after receipt of notification from the County of its award of the Contract. Within (10) ten days after the exercise of an option period, the Contractor shall provide Consent of Surety to renewal of the option period at the option period prices accompanied by a power of attorney according to the criteria in Section 19.
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PERFORMANCE BONDS AND PAYMENT BONDS. When the contract amount exceeds $100,000, a Payment Bond issued in a sum equal to one hundred (100%) percent of the total awarded Contract amount for a twelve (12) month term by a Surety company considered satisfactory by the County according to the criteria herein will be required from the successful Bidder for purposes of insuring the faithful performance of the obligations imposed by the resulting Contract and for purposes of protecting the County from lawsuits for non-payment of debts as might be incurred during the successful Bidder's performance under such Contract. The Payment Bond form will be included in the Contract Documents and said forms must be properly executed by the Surety company and successful Bidder within ten (10) days after receipt of notification from the County of its award of the Contract.
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PERFORMANCE BONDS AND PAYMENT BONDS. When the contract amount exceeds $100,000, a Performance Bond and a Payment Bond issued in a sum equal to two hundred and fifty thousand dollars ($250,000) for a twelve month term by a Surety company considered satisfactory by the County will be required from the successful Respondent for purposes of insuring the faithful performance of the obligations imposed by the resulting Contract and for purposes of protecting the County from lawsuits for non payment of debts as might be incurred during the successful Respondent’s performance under such Contract. The Performance Bond and the Payment Bond forms will be included in the Contract Documents and said forms must be properly executed by the Surety company and successful Respondent within ten (10) days after receipt of notification from the County of its award of the Contract. Within (10) ten days after the exercise of an option period, the Contractor shall provide Consent of Surety to renewal of the option period at the option period prices accompanied by a power of attorney.. The Contractor may be required to record the payment and performance bonds in Orange County public records as prescribed by Florida Statutes, Chapter 255.05. If applicable, before commencing the work the Contractor shall provide to the Manager of the Procurement Division a certified copy of the recorded bonds, no payment will be made to the contractor until the contractor has provided a copy of the recorded bonds.
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PERFORMANCE BONDS AND PAYMENT BONDS. The Parties agree that the Improvements to the Public Park Parcel contemplated by the Plans and Specifications are public buildings or public works as contemplated under Section 255.05, Florida Statutes. Prior to the Commencement of Construction of the Improvements on the Public Park Parcel, MFP shall (or cause its prime contractor(s) to) record in the public records of Miami-Dade County, Florida, a payment and performance bond equal to the total cost of construction of the Improvements, or the applicable portion thereof for each prime contractor, as reflected in the construction contract between MFP and such prime contractor (the “Payment and Performance Bond”). Each Payment and Performance Bond shall be in compliance with Applicable Laws, including the applicable provisions of Section 255.05, Florida Statutes, and shall be issued through a surety authorized to do business in the State of Florida. In the event that MFP satisfies the requirements for a Payment and Performance Bond through its prime contractor(s), then the Payment and Performance Bond shall name MFP and the City as dual obligees. MFP shall have the right, from time to time, to substitute or replace, or cause its prime contractor to substitute or replace, such Payment and Performance Bonds as deemed necessary by MFP for any portion of the work. Alternatively, MFP may satisfy the requirements to provide a Payment and Performance Bond by providing the City with an alternate form of security in the form of a certified check that the City may deposit in a City-controlled bank account or an irrevocable letter of credit in a form and for an amount that is acceptable to Landlord (“Alternative Security”), to remain in place until evidence reasonably satisfactory to the City is submitted to demonstrate all contractors performing work related to the Improvements (or, as applicable, any portion thereof) have been paid and the Improvements (or, as applicable, any portion thereof) has reached Completion of Construction.‌ The Alternative Security shall comply with the requirements of Section 255.05(7), Florida Statutes.
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Related to PERFORMANCE BONDS 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 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.

  • 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.

  • Replacement Bonds In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a "Special Bond"), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement. (25) Article III is hereby amended by adding the following Section 3.19:

  • 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.

  • Corporate Actions, Put Bonds, Called Bonds, Etc Upon receipt of Instructions, the Custodian shall: (a) deliver warrants, puts, calls, rights or similar Securities to the issuer or trustee thereof (or to the agent of such issuer or trustee) for the purpose of exercise or sale, provided that the new Securities, cash or other Assets, if any, acquired as a result of such actions are to be delivered to the Custodian; and (b) deposit Securities upon invitations for tenders thereof, provided that the consideration for such Securities is to be paid or delivered to the Custodian, or the tendered Securities are to be returned to the Custodian. Unless otherwise directed to the contrary in Instructions, the Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions, or similar rights of security ownership of which the Custodian receives notice through data services or publications to which it normally subscribes, and shall promptly notify the appropriate Fund of such action. Each Fund agrees that if it gives an Instruction for the performance of an act on the last permissible date of a period established by the Custodian or any optional offer or on the last permissible date for the performance of such act, the Fund shall hold the Custodian harmless from any adverse consequences in connection with acting upon or failing to act upon such Instructions. If a Fund wishes to receive periodic corporate action notices of exchanges, calls, tenders, redemptions and other similar notices pertaining to Securities and to provide Instructions with respect to such Securities via the internet, the Custodian and such Fund may enter into a Supplement to this Agreement whereby such Fund will be able to participate in the Custodian’s Electronic Corporate Action Notification Service.

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