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. A. A good and sufficient Performance Bond in an amount equal to one hundred percent (100%) of the approximate total amount of the Contract, as evidenced by the task order and purchase order, or otherwise guaranteeing the full and faithful execution of the work and performance of the Contract in accordance with the plans, specifications, and Contract documents, including any extensions thereof, for the protection of CITY. B. A good and sufficient Performance Bond guarantying full payment to all subcontractors, materialmen, and persons furnishing labor and material to and for the Project. X. Xxxxx shall be executed by a duly authorized surety company satisfactory to CITY. CITY will accept only those bonds executed by those surety companies listed in Circular 570 "Surety Companies Acceptable on Federal Bonds published in the Federal Register, U.S. Department of the Treasury." D. No sureties will be accepted by CITY who are now in default or delinquent on any bonds or who are interested in any litigation against CITY. All bonds shall be executed by corporate surety authorized to do business in the State of Texas. E. Each bond shall be executed by SERVICE PROVIDER and the surety. Each surety shall designate an agent resident in the State of Texas to whom any requisite notices may be delivered and on whom service of process may be had in matters arising out of such surety. F. In the event the Contract is prematurely terminated due to non-performance and/or SERVICE PROVIDER's request, CITY reserves the right to act on the performance bond and/or seek monetary restitution. In the event civil suit is filed to enforce this provision, CITY will seek its attorneys' fees and costs of suit from SERVICE PROVIDER, which amount SERVICE PR...
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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. 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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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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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.

  • Continuing Performance (a) The obligations under this Agreement continue until satisfied in full and do not merge with any action performed or document executed by any Party for the purposes of performance of this Agreement. (b) Any representation in this Agreement survives the execution of any document for the purposes of, and continues after, performance of this Agreement. (c) Any indemnity given by any Party under this Agreement: (i) constitutes a liability of that Party separate and independent from any other liability of that Party under this Agreement or any other agreement; and (ii) survives and continues after performance of this Agreement.

  • 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: 6.1.1 any failure or delay by the Customer to perform any of the Customer’s obligations under this Agreement; 6.1.2 any act or omission other than on the part of a BT Affiliate or a subcontractor or supplier appointed by it unless that BT Affiliate, subcontractor or supplier has invoked their force majeure rights under their contract with BT; or 6.1.3 Applicable Law, a court order, an application for interlocutory relief or injunction restricting or preventing BT from supplying a Service.

  • 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.

  • Full Performance The Owner and the Contractor hereby agree to the full performance of the Contract Documents.

  • Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: (a) the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; (b) the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and (c) when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.

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