SECURITY FOR FAITHFUL PERFORMANCE Sample Clauses

SECURITY FOR FAITHFUL PERFORMANCE. Should CITY exercise any Contract annual extension option for additional Contract terms, SERVICE PROVIDER agrees to provide a certified letter verifying the continuing proof of bonding capacity in the amount of $5,000,000 for each annual extension option. SERVICE PROVIDER shall submit this proof within ten (10) days of CITY’s request. Upon activation of this contract and on the issuance of a Notice to Proceed, a task order or a purchase order, whichever is earlier, SERVICE PROVIDER shall furnish and file with CITY within seven (7) calendar days and in the amounts herein required, the following Surety Bonds. Such Surety Bonds shall be in accordance with the provisions of Section 2253.01 of the Texas Local Government Code and/or as amended.
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SECURITY FOR FAITHFUL PERFORMANCE. Performance and Payment Bonds: ✓ Performance and Payment Bonds are not required for this Contract, or ✓ The Successful bidder shall furnish a Performance Bond in an amount equal to one hundred percent (100%) of the Contract Sum as security for the faithful performance of this Contract and also a Labor and Material Payment Bond in an amount not less than one hundred percent (100%) of the Contract Sum, as security for the payment of all persons performing labor and furnishing materials under this Contract. The successful Bidder shall provide a Performance Bond and a Labor and Material Payment Bond, in accordance with State law and shall be delivered to the Owner no later than the date of execution of the Contract by the successful Bidder. See Section III.
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SECURITY FOR FAITHFUL PERFORMANCE. Contractor shall, within ten (10) days after the receipt of the Notice of Award, and for each following year of the contract or renewal, furnish the Town with cash security, an irrevocable letter of credit or a properly executed Performance Bond each to be in the amount of 100% of the total contract price bid for each year of the contract, for the purpose of securing the performance by the Contractor of all undertakings, covenants, terms, conditions and agreements of the Contract Documents. Such letter of credit shall be issued by a commercial bank licensed to and transacting business in New York and with local office in Onondaga County. If a bond, same shall be executed by the Contractor and a Corporate Surety licensed to transact such business in the State of New York and with a local agent or representative in Onondaga County. The form of such required bond must conform to any specifications included herewith and in the case of a bond or letter of credit include a letter from the issuer or surety indicating that it conforms to same and the issuer’s willingness to issue same in the event of bid award. The premium, fee and any collateral security for any such letter of credit or bond shall be borne in full by the Contractor. If at any time such issuer or surety on any such letter or bond is declared bankrupt or loses its right to do business in the State of New York, Contractor shall, not later than five (5) days therefrom substituted an acceptable letter of credit or Bond (or Bonds) in such form and sum and signed by such other issuer surety or sureties as may be satisfactory to the Town Board The fee or premiums on such letters of credit or Bonds shall be paid by the Contractor. No further payments shall be deemed due nor shall be made until the new surety or sureties have furnished an acceptable Bond to the Town of Manlius.
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SECURITY FOR FAITHFUL PERFORMANCE. Simultaneously with his delivery of the executed Contract, the Contractor shall furnish a surety bond or bonds as security for faithful performance of this contract and for the payment of all persons performing labor and materials under this contract as specified in Section 00700, GENERAL CONDITIONS included herein. The surety on such bond or bonds shall be a surety company qualified to do business under the laws of the Commonwealth and satisfactory to the Owner. The bonds shall remain in force for one year after final acceptance of the work by the Owner, unless the Owner, in writing, releases the Contractor from the obligation sooner.
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SECURITY FOR FAITHFUL PERFORMANCE. The Contractor at the time of signing the Contract shall furnish a Performance Bank Guarantee as security for faithful performance of this Contract, as specified in the General Conditions included herein. The surety on such guarantees shall be a duly authorized Bank satisfactory to the UNDP Croatia. Duration of the performance guarantee shall cover the duration of the works/contract plus (30) thirty days. If the duration is extended by the UNDP Croatia the Contractor shall extend the Performance Bank Guarantee accordingly and without any financial implication and/or claim to the UNDP Croatia. Failure of the successful Tenderer to comply with the requirements of the present Clause shall constitute a breach of contract, cause for annulment of the award, forfeiture of the tender security and any such other remedy the Contracting The UNDP Croatia may take under the contract, and the UNDP Croatia may resort to awarding the contract to the next ranked Tenderer.
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Related to SECURITY FOR FAITHFUL PERFORMANCE

  • Security for Performance In the event that Exhibit A Section 4 indicates the need for Consultant to provide additional security for performance of its duties under this Agreement, Consultant shall provide such additional security prior to commencement of its Required Services in the form and on the terms prescribed on Exhibit A, or as otherwise prescribed by the City Attorney.

  • PEACEFUL PERFORMANCE The parties to this agreement agree that there shall be no Job Actions or lockouts during its term. Job Action is defined as any strike, sit–down, stay–in, sick–out, refusal to work overtime, slowdown or picketing. In the event of any Job Action by any represented employee(s), the Association shall, in writing, advise the employee(s) to cease their action(s) and resume normal work. The Association shall give a copy of its notice to the County. The County retains the right to discipline employees participating or giving leadership to actions which violate this section and to seek legal remedies, including damages, against them.

  • Continuing Performance Each party is required to continue to perform its obligations under this contract pending final resolution of any dispute arising out of or relating to this contract, unless to do so would be impossible or impracticable under the circumstances.

  • Service Performance All Services provided by the Agency shall be performed in a diligent, safe, courteous, and timely manner in accordance with this Contract and the Associated federal requirements.

  • Excused Performance 6.1 Notwithstanding the occurrence of a Force Majeure Event, in which case Clause 17 will govern, BT will not be liable for any failure or delay to perform any of its obligations under this Agreement (including any of its obligations to meet any Service Levels) to the extent that BT’s failure or delay in performing arises as a result of:

  • Lawful Performance Vendor shall abide by all Federal, State and Local Laws, Ordinances, Regulations, and Statutes as may be related to the performance of duties under this agreement. In addition, all applicable permits and licenses required shall be obtained by the vendor, at vendor’s sole expense.

  • Services Performance All services are performed using generally recognized commercial practices and standards. Customer agrees to provide prompt notice of any such service concerns and HP will re-perform any service that fails to meet this standard.

  • Strict Performance Failure by any party to this Contract to insist in any one or more cases upon the strict performance of any of the terms, covenants, conditions, or provisions of this Contract shall not be construed as a waiver or relinquishment of any such term, covenant, condition, or provision. No term or condition of this Contract shall be held to be waived, modified, or deleted except by a written amendment signed by the parties hereto.

  • Responsibility for Performance Participation in state Centralized Contracts by Authorized Users is permitted upon the following conditions: (i) the responsibility with regard to performance of any contractual obligation, covenant, condition or term thereunder by any Authorized User other than State Agencies shall be borne and is expressly assumed by such Authorized User and not by the State; (ii) a breach of the Contract by any particular Authorized User shall neither constitute nor be deemed a breach of the Contract as a whole which shall remain in full force and effect, and shall not affect the validity of the Contract nor the obligations of the Contractor thereunder respecting non-breaching Authorized Users, whether State or otherwise; (iii) for a breach by an Authorized User other than a State Agency, the State specifically and expressly disclaims any and all liability for such breach; and (iv) each non-state agency Authorized User and Contractor guarantees to save the State, its officers, agents and employees harmless from any liability that may be or is imposed by their failure to perform in accordance with its obligations under the Contract.

  • School Performance The School shall achieve an accountability designation of Good Standing or Honor on each of the three sections of the Performance Framework. In the event the School is a party to a third party management contract which includes a deficit protection clause, the School shall be exempt from some or all measures within the financial portion of the Performance Framework. In accordance with Charter School Law, the Authorizer shall renew any charter in which the public charter school met all of the terms of its performance certificate at the time of renewal.

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