Recourse to Statutory and Performance Bonds Sample Clauses

Recourse to Statutory and Performance Bonds. Upon the occurrence of a Design/Builder Event of Default and termination of this Agreement by the Owner, the Owner may call upon the Surety to perform its/their obligations under the Statutory and Performance Bonds, if applicable. The Owner agrees that, so long as the Surety shall not be in default under the Statutory and Performance Bonds, the Owner shall not exercise its rights to correct deficiencies, take over the Work or complete the Work and deduct an amount equal to expenditures incurred by the Owner in so doing.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs

Related to Recourse to Statutory and Performance Bonds

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • DELIVERY AND PERFORMANCE All work performed under contracts or task orders will be at the highest quality applicable and delivered according to Statement of Objectives (SOO), Statement of Works (SOW), or Performance Work Statements (PWS). The Contractor must deliver and perform according to the requirements of the contract or task order, and may be denied further work for substandard performance. The Government may include deliveries or performance requirements, such as (1) optional clauses, (2) agency clauses, or (3) specific clauses, in a contract or task order.

  • Additional Statutory and Regulatory Obligations Vendor acknowledges that it has the following additional obligations under Section 2-d with respect to any Protected Data received from the District, and that any failure to fulfill one or more of these statutory or regulatory obligations will be deemed a breach of the Master Agreement and the terms of this Data Sharing and Confidentiality Agreement:

Time is Money Join Law Insider Premium to draft better contracts faster.