Purpose of Bond Sample Clauses

Purpose of Bond. The bond is to protect the Department against any loss sustained through failure of Contractor or any of its employees, officers, directors, agents and representatives to accurately perform the Services required by the Contract for the entire term of the Contract. No compensation will be due to Contractor until the performance bond is in place and approved by the Department in writing.
Sample 1Sample 2Sample 3See All (10)
AutoNDA by SimpleDocs
Purpose of Bond. The performance bond is to protect the Division and the State against any loss sustained through failure of the Contractor's performance of the Services in accordance with the Contract. No payments shall be made to the Contractor until the performance bond is in place and approved by the Division in writing.
Sample 1Sample 2Sample 3See All (9)
Purpose of Bond. The bond is to protect the Department and the State against any loss sustained through failure of the Contractor or any of its employees, officers, directors, agents and representatives to accurately perform the Services required by the Contract for the entire term of the Contract. No compensation shall be due to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and no later than December 31st of each Plan Year, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection.
Sample 1Sample 2Sample 3See All (7)
Purpose of Bond. The bond is to protect the Department and the State against any loss sustained, due in whole or in part, by the Contractor's termination of the services constituting the purpose of the Contract. Such termination may be caused by Contractor's bankruptcy or any other termination of services stemming from the actions or inactions of Contractor. Such remedy shall not constitute a waiver of any other remedy available to the Department by law. No compensation shall be due to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and by each yearly anniversary of the Effective Date, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable, letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection.
Sample 1Sample 2
Purpose of Bond. The Obligors shall use all proceeds from issuance and sale of the Bond to (1) finance Uvex's acquisition of the Mortgaged Real Estate, and expansion of Uvex's facility located thereon, and (2) to fund the Obligors' capital expenditures.
Sample 1
Purpose of Bond. The performance bond is to protect the Department and the State against any loss sustained through failure of the Contractor’s performance of the Services in accordance with the Contract. No payments shall be made to the Contractor until the performance bond is in place and approved by the Department in writing. Upon execution of the Contract and by Contract year start each year following the Effective Date, the Contractor shall provide the Department with a surety bond continuation certificate or other acceptable verification that the bond is valid and has been renewed for an additional year. The surety bond provided under this section shall be used solely to the extent necessary to satisfy the damage claims made by the State of Florida pursuant to the terms of the Contract. In no event shall the surety bond be construed as a penalty bond. As an alternative to the surety bond described in this section, the Contractor may use an irrevocable, letter of credit on an annually renewable basis, which in the reasonable judgment of the Department, provides substantially equivalent protection.
Sample 1

Related to Purpose of Bond

  • PURPOSE OF AGREEMENT The purpose of this Agreement is to maintain harmonious and mutually beneficial relationships between the Employer, the employees and the Institute, to set forth certain terms and conditions of employment relating to remuneration, hours of work, employee benefits and general working conditions affecting employees covered by this Agreement.

  • Purpose of DPA The purpose of this DPA is to describe the duties and responsibilities to protect Student Data including compliance with all applicable federal, state, and local privacy laws, rules, and regulations, all as may be amended from time to time. In performing these services, the Provider shall be considered a School Official with a legitimate educational interest, and performing services otherwise provided by the LEA. Provider shall be under the direct control and supervision of the LEA, with respect to its use of Student Data

  • Purpose of Contract The purpose of this contract is to provide services in accordance with the terms and conditions specified in this contract including all attachments, forms, and exhibits which constitute the contract document.

  • Purpose of Fee If an employee does not become a member of the Association during any membership year (i.e., from September 1 to the following August 31) which is covered in whole or in part by this Agreement, said employee will be required to pay a representation fee to the Association for that membership year. The purpose of this fee will be to offset the employee’s per capita cost of services rendered by the Association as majority representative.

  • Purpose of Loan The Borrower undertakes with each Creditor Party to use the Loan only for the purpose stated in the preamble to this Agreement.

  • Purpose of Trust The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series investing primarily in securities.

  • PURPOSE OF THE AGREEMENT ‌ The purpose of this Agreement is to authorize PDL NPDL to charter space to PFLG in the Trade (as hereinafter defined).

  • PURPOSE OF THE TRUST The purpose of the Trust shall be to (a) manage, conduct, operate and carry on the business of an investment company; (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to Securities of any type whatsoever, whether equity or nonequity, of any issuer, evidences of indebtedness of any person and any other rights, interest, instruments or property of any sort to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investment of every kind and description, including without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

  • PURPOSE OF THE CONTRACT DSHS agrees to purchase, and Contractor agrees to provide, services or goods to the eligible populations.

  • Purpose of Use The Executive agrees that he will use Confidential Information only for purposes authorized or directed by the Company.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!