Performance Surety Sample Clauses

Performance Surety. 10.8.1 Franchisee shall provide to County within ten (10) days after execution of this Agreement, a cash or surety bond in an amount at least equal to the yearly average of two months gross revenue provided by a Surety Company with a Best rating of "A" or better and licensed to do business in the State of California, conditioned upon the full faithful performance of all covenants and conditions of this Agreement and any extensions or amendments thereto and Chapter 8.12 of the San Xxxx Obispo County Code. Said surety bond must be approved by County prior to performance of any work under this Agreement. A certificate of deposit or an irrevocable letter of credit for the required amount from a bank acceptable to County may be provided in lieu of said surety bond. 10.8.2 The bond, letter of credit or other similar instrument shall be issued for a period of not less than one (1) year and Franchisee shall provide a new bond, letter of credit or similar instrument, and evidence reasonable satisfactory to County of its renewability, no less than thirty (30) calendar days prior to the expiration of the bond, letter of credit or other similar instrument then in effect. County shall be notified in writing of any cancellation by the issuer of the bond at least thirty (30) says prior to such cancellation. 10.8.3 Subject to the notice and hearing procedures set forth herein, if County determines that Franchisee has substantially failed to keep and perform any covenant or condition of this Agreement and any extensions or amendments thereto, County may require Surety to perform or may resort to any certificate of deposit or irrevocable letter of credit received in lieu of a bond. In that event, County shall notify the Surety of Franchisee's failure to keep and perform a covenant or condition, as well as the amount of time necessary for performance as determined by County. If the Surety fails to perform, County may perform and assess the Surety on its bond for all costs associated with such performance. The costs of performance may include all labor, equipment, insurance, and any and all other reasonably necessary resources as determined by County to perform the work required under this Agreement. 10.8.4 County shall annually review the adequacy of the amount of the surety bond and increase or decrease the bond in an amount at least equal to the yearly average of two months gross revenue or an amount determined adequate by County. County shall notify Franchisee in writing ...

Performance Surety. 1443 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1444 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1445 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1446 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1447 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1448 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1449 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1450 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1451 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1452 Authority. 1453 1454

Performance Surety. If all Improvements are not complete at the time Developer submits final plat for approval, Developer shall provide the City a performance surety, in an amount determined by the City Engineer for the Improvements and other items specified by the Construction Plans, plats, and plans approved by the Mt. Pleasant Municipal Planning Commission. This performance surety shall secure all performance of all obligations of the Developer under this Agreement. The Performance Surety shall meet all requirements established in subsection 3-1-1.2 of the Subdivision Regulations and secure full compliance with all terms and conditions of this Agreement in whole or in part according to the terms of the performance surety. The performance surety will not be released, except and until there has been full compliance with this Agreement.

Performance Surety. Within ten (10) days of Contract award, the Contractor shall furnish a surety bond, bank’s letter of credit or cashier’s check to guarantee faithful performance. Said surety shall be for twenty-five percent (25%) of the annual monetary limit of the Contract awarded. Said surety shall be submitted and duly executed by the Contractor and a responsible corporate surety authorized to issue such bonds in the State of California and secured through an authorized agent with an office in California. The Contractor shall pay all surety premiums, costs and incidentals. The Surety must be authorized to transact business under the laws of the State of California. Should any surety be at any time unsatisfactory to the County, or should any bond become insufficient, the Contractor will be given notice to that effect. No further payment shall be deemed due or be made under the Contract until a new surety and/or bond is furnished to the County.

Performance Surety. In order to secure Developer’s performance and completion of the Phase 1 Developer-Provided Public Improvements, Developer shall furnish to the City a performance guaranty (“Performance Guaranty”) at the time of the issuance of the building permits, in an amount equal to 125% of the total cost of the Phase 1 Developer-Provided Public Improvements as set forth in Exhibit A (the “Engineer’s Cost Estimate”). Any such Performance Guaranty shall be in the form of Cash Escrow or Irrevocable Letter of Credit in form and substance acceptable to the City in its sole and absolute discretion and insuring the satisfactory completion of the Phase 1

Performance Surety. The Contractor shall maintain a Performance Surety Bond with a corporate Surety duly authorized to do business in the State of New Mexico, conditioned upon the faithful performance of this Contract. The single Performance Surety Bond shall be in the amount of Two hundred and fifty thousand dollars ($250,000). Should the financial condition of the corporate Surety become unacceptable to the Town of Taos, the Contractor shall promptly furnish such additional Surety or substitute bond at the Contractor’s expense as may be reasonably required by the Municipality to protect its interests.

Performance Surety. If Concessionaire cancels the Performance Surety without City consent and does not reestablish it promptly after written notice by the City; or

Performance Surety. In order to secure Developer’s performance and completion of the Developer-Provided Public Improvements, Developer shall furnish to the City a performance guaranty (“Performance Guaranty”) in an amount equal to 125% of the total cost of the Developer- Provided Public Improvements set forth in the City approved cost estimate. Developer shall submit to the City, in conjunction with its submission of the Plans, a proposed cost estimate stamped and sealed by a licensed, professional engineer for all Developer-Provided Public Improvements for Phase I of the Project, within the timeframe specified in Section 2.2, below. Upon approval of the Plans, the City approved cost estimate for all Developer-Provided Public Improvements for Phase I of the Project will be attached to this document as Exhibit C and shall be incorporated herein by this reference (the “Engineer’s Cost Estimate”). Any such Performance Guaranty shall be in the form of a cash escrow, irrevocable letter of credit, or subdivision improvements performance bond in form and substance acceptable to the City in its sole and absolute discretion, ensuring the satisfactory completion of the Developer-Provided Public Improvements. The Performance Guaranty will be provided to the City at the date upon which the City approves the Plans pursuant to Section 2.2, and shall be kept in full force and effect until Developer completes the work and the City issues the Certificate of Initial Acceptance for all Developer-Provided Public Improvements. The City shall release any such Performance Guaranty upon Initial Acceptance, less amounts the City may retain as set forth in Section 2.11* to guarantee Developer’s fulfillment of its repair or replacement obligations as set forth in Section 2.11.*

Performance Surety. To provide and maintain surety satisfactory to the City in an amount sufficient to ensure the Developer’s performance under this Agreement and in accordance with Section 31-512 of the Unified Development Ordinance.

Performance Surety. The Principal shall, upon the execution of this Agreement, deposit in cash with the County the sum of $ (“Cash Deposit”), said sum being the amount determined by the Walton County Planning and Development Director to be equal to the cost of construction and completion of the Required Work plus an additional fifty percent (50%) of said costs. The County, upon receipt of said funds, shall deposit the same in an account segregated from other County funds and such account shall be designated for funds received from developers.