Common use of Required Bonds Clause in Contracts

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Thousand Dollars ($10,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Thousand Dollars ($10,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such bonds to an amount not less than the total value of the Work not yet completed. Such higher bond amount shall be maintained until such time that one or more outstanding Work Orders or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Thousand Dollars ($10,000.00) at any time during the entire term of this Master Agreement. Such bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Thousand Dollar ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, 4 CONTRACTOR shall provide both a performance bond and a bond for payment for labor and 5 material to secure its performance of Work under this Master Agreement. CONTRACTOR shall 6 maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in 7 the principal amount of not less than Ten One Hundred and Fifty Thousand Dollars ($10,000.00150,000.00) 8 and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix 9 B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the 10 total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR 11 and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Thousand Dollars ($10,000.00) 150,000.00 at any time, CONTRACTOR agrees to OFFICE OF THE CITY ATTORNEY CITY OF ANAHEIM 000 X. XXXXXXX XXXXXXXXX, XXXXX 000 XXXXXXX, XX 00000 (000) 000-0000 FAX (000) 000-0000 12 increase the principal amount of such its bonds to an amount not less than the total value of 13 CONTRACTOR's outstanding Work Order Packages and/or Requests. CONTRACTOR shall 14 not commence any Work unless and until CONTRACTOR has complied with the Work not yet completedforegoing. Such 15 This higher bond amount shall be maintained until such time that one or more outstanding Work Orders 16 Packages or Requests have been completed and a corresponding portion of the bond has been 17 released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to 18 the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off19 accepted by ANAHEIM. Notwithstanding the above, in no event shall the principal amount of 20 each of the bonds be less than Ten One Hundred and Fifty Thousand Dollars ($10,000.00150,000.00) at any 21 time during the entire term Term of this Master Agreement, including any extensions. Such All bonds shall be 22 written with surety (i) authorized to do business in the State of California by the California 23 Department of Insurance, and (ii) listed on the most current version of the Department of 24 Treasury's Circular 570. Such bonds Bonds shall be in the form set forth in Appendices B and C, respectivelyattached 25 hereto, and any bond riders issued to increase or decrease the principal amount shall be on forms 26 acceptable to ANAHEIM. All signatures by principals and sureties on bonds and any bond riders 27 shall be notarized. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial 28 principal bond amount of Ten One Hundred and Fifty Thousand Dollar Dollars ($10,000.00150,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.,

Required Bonds. At the execution of this Master Agreement, 4 CONTRACTOR shall provide both a performance bond and a bond for payment for labor and 5 material to secure its performance of Work under this Master Agreement. CONTRACTOR shall 6 maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in 7 the principal amount of not less than Ten One Hundred and Fifty Thousand Dollars ($10,000.00150,000.00) 8 and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix 9 B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the 10 total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR 11 and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Thousand Dollars ($10,000.00) 150,000.00 at any time, CONTRACTOR agrees to OFFICE OF THE CITY ATTORNEY CITY OF ANAHEIM 000 X. XXXXXXX XXXXXXXXX, XXXXX 000 XXXXXXX, XX 00000 (000) 000-0000 FAX (000) 000-0000 12 increase the principal amount of such its bonds to an amount not less than the total value of 13 CONTRACTOR's outstanding Work Order Packages and/or Requests. CONTRACTOR shall 14 not commence any Work unless and until CONTRACTOR has complied with the Work not yet completedforegoing. Such 15 This higher bond amount shall be maintained until such time that one or more outstanding Work Orders 16 Packages or Requests have been completed and a corresponding portion of the bond has been 17 released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to 18 the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off19 accepted by ANAHEIM. Notwithstanding the above, in no event shall the principal amount of 20 each of the bonds be less than Ten One Hundred and Fifty Thousand Dollars ($10,000.00150,000.00) at any 21 time during the entire term Term of this Master Agreement, including any extensions. Such All bonds shall be 22 written with surety xxxxxx (i) authorized to do business in the State of California by the California 23 Department of Insurance, and (ii) listed on the most current version of the Department of 24 Treasury's Circular 570. Such bonds Bonds shall be in the form set forth in Appendices B and C, respectivelyattached 25 hereto, and any bond riders issued to increase or decrease the principal amount shall be on forms 26 acceptable to ANAHEIM. All signatures by principals and sureties on bonds and any bond riders 27 shall be notarized. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial 28 principal bond amount of Ten One Hundred and Fifty Thousand Dollar Dollars ($10,000.00150,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.,

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Five Hundred Thousand Dollars ($10,000.00500,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Five Hundred Thousand Dollars ($10,000.00500,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such bonds to an amount not less than the total value of the Work not yet completedWork. Such higher bond amount shall be maintained until such time that one or more outstanding Work Orders or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Five Hundred Thousand Dollars ($10,000.00500,000.00) at any time during the entire term Term of this Master Agreement. Such bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Thousand Dollar ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall Sample Agreement maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten One Hundred Thousand Dollars ($10,000.00100,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten One Hundred Thousand Dollars ($10,000.00100,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such its bonds to an amount not less than the total value of CONTRACTOR’s outstanding Work Order Packages and/or Requests. CONTRACTOR shall not commence any Work unless and until CONTRACTOR has complied with the Work not yet completedforegoing. Such This higher bond amount shall be maintained until such time that one or more outstanding Work Orders Order Packages or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed offaccepted by ANAHEIM. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten One Hundred Thousand Dollars ($10,000.00100,000.00) at any time during the entire term Term of this Master Agreement, including any extensions thereto. Such All bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Thousand Dollar ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.and

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Thousand Dollars ($10,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Thousand Dollars ($10,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such its bonds to an amount not less than the total value of CONTRACTOR’s outstanding Work Order Packages and/or Requests. CONTRACTOR shall not commence any Work unless and until CONTRACTOR has complied with the Work not yet completedforegoing. Such This higher bond amount shall be maintained until such time that one or more outstanding Work Orders Order Packages or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed offaccepted by ANAHEIM. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Thousand Dollars ($10,000.00) at any time during the entire term Term of this Master Agreement, including any extensions thereto. Such All bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds Bonds shall be in the form set forth in Appendices B Appendices, attached hereto, and C, respectivelyany bond riders issued to increase or decrease the principal amount shall be on forms acceptable to ANAHEIM. All signatures by principals and sureties on bonds and any bond riders shall be notarized. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond amount of Ten Thousand Dollar Dollars ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order Package or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such bonds to an amount not less than the total value of the Work not yet completed. Such higher bond amount shall be maintained until such time that one or more outstanding Work Orders or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) at any time during the entire term of this Master Agreement. Such bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Two Hundred and Fifty Thousand Dollar Dollars ($10,000.00250,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term Term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Thousand Dollars ($10,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Thousand Dollars ($10,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such its bonds to an amount not less than the total value of CONTRACTOR’s outstanding Work Order Packages and/or DRAFT Requests. CONTRACTOR shall not commence any Work unless and until CONTRACTOR has complied with the Work not yet completedforegoing. Such This higher bond amount shall be maintained until such time that one or more outstanding Work Orders Order Packages or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed offaccepted by ANAHEIM. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Thousand Dollars ($10,000.00) at any time during the entire term Term of this Master Agreement, including any extensions thereto. Such All bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds Bonds shall be in the form set forth in Appendices B and C, respectivelyattached hereto, and any bond riders issued to increase or decrease the principal amount shall be on forms acceptable to ANAHEIM. All signatures by principals and sureties on bonds and any bond riders shall be notarized. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond amount of Ten Thousand Dollar Dollars ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order Package or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such bonds to an amount not less than the total value of the Work not yet completed. Such higher bond amount shall be maintained until such time that one or more outstanding Work Orders or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Two Hundred and Fifty Thousand Dollars ($10,000.00250,000.00) at any time during the entire term of this Master Agreement. Such bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Thousand Dollar ($10,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.

Required Bonds. At the execution of this Master Agreement, CONTRACTOR shall provide both a performance bond and a bond for payment for labor and material to secure its performance of Work under this Master Agreement. CONTRACTOR shall maintain these bonds for the entire term of this Master Agreement. Each such bond shall be written in the principal amount of not less than Ten Twenty Thousand Dollars ($10,000.0020,000.00) and in the form set forth in the Sample Faithful Performance Bond attached hereto as Appendix B and Sample Labor and Material Bond attached hereto as Appendix C. However, should the total value of all Work awarded to CONTRACTOR but not yet completed by CONTRACTOR and accepted by ANAHEIM for all Work to be completed pursuant to this Master Agreement, exceed the sum of Ten Twenty Thousand Dollars ($10,000.0020,000.00) at any time, CONTRACTOR agrees to increase the principal amount of such bonds to an amount not less than the total value of the Work not yet completed. Such higher bond amount shall be maintained until such time that one or more outstanding Work Orders or Requests have been completed and a corresponding portion of the bond has been released by ANAHEIM. At that time the total principal amount of the bonds may be reduced to the new total amount of all Work Orders or Requests then awarded but not yet completed and signed off. Notwithstanding the above, in no event shall the principal amount of each of the bonds be less than Ten Twenty Thousand Dollars ($10,000.0020,000.00) at any time during the entire term of this Master Agreement. Such bonds shall be written with surety (i) authorized to do business in the State of California by the California Department of Insurance, and (ii) listed on the most current version of the Department of Treasury's Circular 570. Such bonds shall be in the form set forth in Appendices B and C, respectively. ANAHEIM will not reimburse CONTRACTOR for the premium of the initial principal bond of Ten Twenty Thousand Dollar ($10,000.0020,000.00); however, CONTRACTOR will be allowed to include a bond fee in the cost of each Work Order or Request, corresponding to the value of the awarded Work Order or Request.