Common use of Performance or Payment Bond Clause in Contracts

Performance or Payment Bond. The successful Proposer shall furnish a bond to the Board covering faithful performance of the contract arising out of that Bid and payment of obligations arising there under in an amount equal to one hundred percent (100%) of the full sum provided for under the contract and that bond shall be conditioned upon the faithful performance of that contract and shall remain in effect for the duration of the contract term. This requirement may be satisfied by the successful Proposer posting a bond, or by providing a letter of credit or a cashier's check in the amount specified. If the requirement is satisfied by a bond, the surety for such bond shall be a surety company authorized to do business in the State of Ohio.

Performance or Payment Bond. The successful Proposer Bidder shall furnish a bond to the Board covering faithful performance of the contract arising out of that Bid and payment of obligations arising there under in an amount equal to one hundred percent (100%) of the full sum provided for under the contract and that bond shall be conditioned upon the faithful performance of that contract and shall remain in effect for the duration of the contract term. This requirement may be satisfied by the successful Proposer Bidder posting a bond, or by providing a letter of credit or a cashier's check in the amount specified. If a bond satisfies the requirement is satisfied by a bondrequirement, the surety for such bond shall be a surety company authorized to do business in the State of Ohio.

Performance or Payment Bond. The successful Proposer Bidder shall furnish a bond to the Board covering faithful performance of the contract arising out of that Bid and payment of obligations arising there under in an amount equal to one hundred percent (100%) of the full sum provided for under the contract and that bond shall be conditioned upon the faithful performance of that contract and shall remain in effect for the duration of the contract term. This requirement may be satisfied by the successful Proposer Bidder posting a bond, or by providing a letter of credit or a cashier's check in the amount specified. If the requirement is satisfied by a bond, the surety for such bond shall be a surety company authorized to do business in the State of Ohio.

Performance or Payment Bond. The successful Proposer Bidder shall furnish a bond to the Board covering faithful performance of the contract arising out of that Bid and payment of obligations arising there under in an amount equal to one hundred percent (100%) of the full sum provided for under the contract Agreement and that bond shall be conditioned upon the faithful performance of that contract Agreement and shall remain in effect for the duration of the contract Agreement term. This requirement may be satisfied by the successful Proposer Bidder posting a bond, or by providing a letter of credit or a cashier's ’s check in the amount specified. If the requirement is satisfied by a bond, the surety for such bond shall be a surety company authorized to do business in the State of Ohio.