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

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. 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 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. 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. 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 en 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.