Post Award Demand. 1. Contractor shall have the right to demand payment and performance bonds at any time during the progress of the Project. The Subcontractor guarantees that it will deliver to the Contractor the requested bonds within five (5) calendar days after written demand by the Contractor. The invoiced bond premium, as issued from the bonding company, will be paid by Contractor, for an amount not to exceed three quarters of one percent of the Subcontract Price. 2. In the event of Subcontractor’s failure to furnish a surety bond within five (5) days after written demand by Contractor, Subcontractor will be deemed to be material in default of this Agreement.
Appears in 4 contracts
Samples: Subcontractor Agreement, Subcontractor Agreement, Subcontractor Agreement
Post Award Demand. 1. Contractor shall have the right to demand payment and performance bonds at any time during the progress of the Project. The Subcontractor guarantees that it will deliver to the Contractor the requested bonds within five (5) calendar days after written demand by the Contractor. The invoiced bond premium, as issued from the bonding company, will be paid by Contractor, for an amount not to exceed three quarters of one percent of the Subcontract Price.Subcontractor,
2. In the event of Subcontractor’s failure to furnish a surety bond within five (5) days after written demand by Contractor, Subcontractor will be deemed to be material in default of this Agreement.
Appears in 3 contracts
Samples: Subcontractor Agreement, Subcontractor Agreement, Subcontractor Agreement
