Performance Guarantees and Additional Security Sample Clauses

Performance Guarantees and Additional Security. Throughout the term of this Contract, the Contractor must provide EOHHS with performance guarantees that are subject to prior review and approval from EOHHS. Performance guarantees must meet the following requirements: a. A promissory note from the Contractor’s parent(s)/affiliate or a performance bond from an independent agent in the amount of $1,000,000 to guarantee performance of the Contractor’s obligation to provide Covered Services in the event of the Contractor’s impending or actual insolvency; and b. A promissory note from the Contractor’s parent(s)/affiliate or a performance bond from an independent agent in the amount of $400,000 to guarantee performance of the Contractor’s obligations to perform activities related to the administration of the Contract in the event of the Contractor’s impending or actual insolvency.