Performance, Payment, and Other Bonds. 4.1.1 Contractor shall furnish performance and payment Bonds, each in an amount equal to the Contract Sum as security for the faithful performance and payment of all Contractor's obligations under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as provided otherwise by Laws or Regulations or by the Contract Documents. Contractor shall also furnish such other Bonds as are required by the Contract Documents.
4.1.2 All Bonds shall be in the form prescribed by the Contract Documents except as provided otherwise by Laws or Regulations, and shall be executed by such sureties as are named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All Bonds signed by an agent must be accompanied by a certified copy of such agent's authority to act.
4.1.3 If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in any state where any part of the Project is located or it ceases to meet the requirements of paragraph 4.1.2 above, Contractor shall within twenty (20) days thereafter substitute another Bond and surety, both of which shall comply with the requirements of paragraphs 4.1 and 4.2 hereof.
Performance, Payment, and Other Bonds. 7.1.1 If it is required by the Primary Lender, Design Builder shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Price as security for the faithful performance and payment of all Design Builder’s obligations to furnish, provide and pay for Construction and related materials under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as provided otherwise by Laws or Regulations or by the Contract Documents. Design Builder shall also furnish such other Bonds as are required by Article 14. All Bonds shall be in the form prescribed by the Contract Documents except as provided otherwise by Laws or Regulations, and shall be executed by such sureties as are named in the current list of “Companies Holding Certificates of Authority as Acceptable Surety Companies” as published in Circular 570 (amended) by the Audit Staff, Bureau of Government Financial Operations, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of such agent’s authority to act. The cost of the performance and payment bonds shall be paid by the Owner.
Performance, Payment, and Other Bonds. Contractor shall furnish a Performance Bond in an amount at least equal to the Contract price and a Payment Bond in an amount at least equal to the Contract price as security for the faithful performance and payment of all of Contractor’s obligations under the Contract Documents. These Bonds shall remain in effect until one year after the date when final payment becomes due or until completion of the correction period, if any, except as provided otherwise by laws or regulations or by the Contract Documents. Contractor shall also furnish such other Bonds as are required by the Contract Documents.
Performance, Payment, and Other Bonds. A. DESIGN/BUILDER shall not be required to furnish a performance, payment or any other Bonds.
Performance, Payment, and Other Bonds. Contractor shall furnish bond(s) for performance and payment in an amount at least equal to 50% of the Contract Price, or as agreed to by both Parties, as security for the faithful performance and payment of contractor’s obligations under the Contract Documents. These bonds shall remain in effect until 30 days after the date when final payment becomes due, except as provided otherwise by Laws or Regulations. All bonds shall be in the form prescribed herein, except as provided by Laws or Regulations, and shall be executed by such sureties as are named in the current list of “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. All bonds signed by an agent must be accompanied by a certified copy of the agent’s authority to act. If the surety on any bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in any state where any part of the Project is located or it ceases to meet the requirements of this paragraph, Contractor shall promptly notify Client and Client’s Representative and shall, within 20 days after the event giving rise to such notification, provide another bond and surety, both of which shall comply with the requirements of this paragraph and succeeding paragraph. The Contractor will be required to obtain performance and payment bonds for the insulation subcontractor for the full amount of the insulation contract, which will be an amount of approximately $400,000.
Performance, Payment, and Other Bonds. A. Contractor shall furnish a performance bond and a payment bond, each in an amount at least equal to the Contract Price, as security for the faithful performance and payment of all of Contractor’s obligations under the Contract. These bonds shall remain in effect until one year after the date when final payment becomes due or until completion of the correction period specified in Paragraph 15.08, whichever is later, except as provided otherwise by Laws or Regulations, the Supplementary Conditions, or other specific provisions of the Contract. Contractor shall also furnish such other bonds as are required by the Supplementary Conditions or other specific provisions of the Contract.
B. All bonds shall be in the form prescribed by the Contract except as provided otherwise by Laws or Regulations, and shall be executed by such sureties as are named in “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as published in Circular 570 (as amended and supplemented) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. A bond signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual’s authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in- fact signed the accompanying bond.
C. Contractor shall obtain the required bonds from surety companies that are duly licensed or authorized in the jurisdiction in which the Project is located to issue bonds in the required amounts.
D. If the surety on a bond furnished by Contractor is declared bankrupt or becomes insolvent, or its right to do business is terminated in any state or jurisdiction where any part of the Project is located, or the surety ceases to meet the requirements above, then Contractor shall promptly notify Owner and Engineer and shall, within 20 days after the event giving rise to such notification, provide another bond and surety, both of which shall comply with the bond and surety requirements above.
E. If Contractor has failed to obtain a required bond, Owner may exclude the Contractor from the Site and exercise Owner’s termination rights under Article 16.
F. Upon request, Owner shall provide a copy of the payment bond to any Subcontractor, Supplier, or other person or entity claiming to have furnished labor or materials used in the performance of the Work.
Performance, Payment, and Other Bonds. A. On or before the Effective Date of the Contract Price Proposal, DB Entity shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Price, as security for the faithful performance and payment of all DB Entity's obligations to furnish, provide and pay for the Work, including but not limited to all Design Professional Services. The Performance Bond shall remain in effect at least until one (1) year after Final Acceptance, except as provided otherwise by Laws or Regulations. DB Entity shall also furnish such other Bonds as are required by the Contract Documents. The applicable section of California Civil Code Section 9550 et seq. shall apply.
B. All Bonds shall be executed by such sureties as are named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (amended) by the Financial Management Service, Surety Bond Branch, U.S. Department of the Treasury. Additionally, the surety shall:
1. hold a certificate of authority authorizing it to write surety bonds in California;
2. have twice the minimum surplus and capital required by the California insurance code at the time of the Effective Date of the Contract Price Proposal;
3. be in compliance with the provisions of the California insurance code;
4. hold a currently valid certificate of authority issued by the United States Department of the Treasury under 31 U.S.C. Sections 9304 to 9308; and
5. provide an affidavit executed by an officer of the surety bond insurer as evidence that the surety company is in compliance with the foregoing requirements. All Bonds signed by an agent or attorney-in-fact must be accompanied by a certified copy of that individual's authority to bind the surety. The evidence of authority shall show that it is effective on the date the agent or attorney-in-fact signed each bond.
C. If the surety on any Bond furnished by DB Entity is declared a bankrupt or becomes insolvent or its right to do business is terminated in California or it ceases to meet the requirements of Paragraphs 5.01.B and 5.02, DB Entity shall within twenty (20) days thereafter substitute another Bond and surety, both of which shall comply with the requirements of Paragraphs 5.01.B and 5.02.
Performance, Payment, and Other Bonds. 5.0.1 Contractor shall furnish Performance and Payment Bonds, each in an amount at least equal to the Contract Price as security for the faithful performance and payment of all Contractor's obligations under the Contract Documents. These Bonds shall remain in effect at least until one year after the date when final payment becomes due, except as provided otherwise by laws or regulations or by the Contract Documents. Contractor shall also furnish such other Bonds as are required by the Contract Documents. All Bonds shall be in the form prescribed by the Contract Documents except as provided otherwise by laws or regulations, and shall be executed by sureties named in the current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" published in Circular 570 (amended) by the Audit Staff, Bureau of Government Financial Operations, U.S. Treasury Department. All Bonds signed by an agent must be accompanied by a certified copy of the agent's authority to act. The Contractor shall furnish the performance and payment bond in the form provided in the Contract Documents or approved by the Town, the earlier of ten (10) days after the Town has issued the notice of award or delivery of the executed Agreement. The Town reserves the right to exclude any Surety Company on any ground it deems appropriate. The cost of the bonds shall be included in the bid.
5.1 If the surety on any Bond furnished by Contractor is declared bankrupt, becomes insolvent, has its right to do business terminated in any state where part of the Project is located, or ceases to meet any of the requirements of the Contract Documents, Contractor shall within ten days thereafter substitute another Bond and surety, both of which must be acceptable to the Town.
Performance, Payment, and Other Bonds. The Contractor shall obtain and maintain performance, payment and other bonds as required by Article 5.2 of the General Conditions and Exhibit 6B.
Performance, Payment, and Other Bonds. A. Together with the executed Agreement, Contractor shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Price as security for the faithful performance and payment of all Contractor's obligations to furnish, provide and pay for Work and related materials under the Contract Documents. These Bonds shall remain in effect as long as necessary to guarantee Contractor’s obligations arising from the Agreement, except as provided otherwise by Laws or Regulations or by the Contract Documents. Contractor shall also furnish such other Bonds as are required by the Contract Documents.
B. All Bonds shall be in the form prescribed by the Contract Documents except as provided otherwise by Laws or Regulations, and shall be executed by one or more surety companies selected by Contractor which are licensed and legally authorized to conduct the business of insurance including surety, within the Commonwealth of Virginia. All Bonds signed by an agent must be accompanied by a certified copy of the power of attorney for the surety’s attorney-in-fact.
C. If the surety on any Bond furnished by Contractor is declared bankrupt or becomes insolvent or its right to do business is terminated in the Commonwealth of Virginia or it ceases to meet the requirements of this Article, the Contractor shall within twenty days thereafter substitute another Bond and surety, both of which shall comply with the requirements of this Article.
