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

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.