Common use of Performance, Payment, and Other Bonds Clause in Contracts

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. 4.1.1 Contractor A. CONTRACTOR shall furnish performance and payment Bonds, each in an amount at least equal to the Contract Sum Price as security for the faithful performance and payment of all Contractor's 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 CONTRAC- TOR shall also furnish such other Bonds as are required by the Contract Documents. 4.1.2 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 such sureties as are named in the current list of "“Companies Holding Certificates Certifi- xxxxx 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 ’s authority to act. 4.1.3 C. If the surety on any Bond furnished by Contractor CON- TRACTOR 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 above5.01.B, Contractor CONTRACTOR shall within twenty (20) 20 days thereafter substitute another Bond and surety, both of which shall comply with the requirements of paragraphs 4.1 5.01.B and 4.2 hereof5.02.

Performance, Payment, and Other Bonds. 4.1.1 Contractor shall furnish performance and payment Bondsbonds, each in an amount equal to the Contract Sum 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. 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 Demolition 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.