Common use of Statutory and Performance Bonds Clause in Contracts

Statutory and Performance Bonds. The Design/Builder shall obtain, and shall furnish and deliver to the Owner, the Statutory and Performance Bonds prior to, and as a condition precedent to, commencement of the Work on the Site. The Statutory and Performance Bonds shall be furnished on behalf of the Design/Builder, shall name the Owner as obligee, and shall be in the penal sum equal to One Hundred per cent of the construction cost. The Statutory and Performance Bonds shall be in the forms set forth as Exhibit M hereto, and shall be issued by the Surety. All premiums for the Statutory and Performance Bonds shall be a Cost of the Work.

Statutory and Performance Bonds. The Design/Builder shall obtain, and shall furnish and deliver to the Owner, the Statutory and Performance Bonds prior to, and as a condition precedent to, commencement of the Work on the Site. The Statutory and Performance Bonds shall be furnished on behalf of the Design/Builder, shall name the Owner as obligee, and shall be in the penal sum equal to One Hundred per cent of the construction cost. The Statutory and Performance Bonds shall be in the forms set forth as Exhibit M heretoGhereto, and shall be issued by the Surety. All premiums for the Statutory and Performance Bonds shall be a Cost of the Work.