Common use of STOP PAYMENT RELEASE BOND Clause in Contracts

STOP PAYMENT RELEASE BOND. In the event that any stop payment notices are provided to District in relation to the Work, then, upon District’s request and in District’s sole discretion, and in accordance with Civil Code Section 9364, Contractor agrees to give District a release bond, executed by an admitted surety insurer in an amount equal to one hundred twenty-five percent (125%) of the claim stated in the stop payment notice, conditioned for the payment of any amount the claimant recovers in action on the claim, together with court costs if the claimant prevails.

STOP PAYMENT RELEASE BOND. In the event that any stop payment notices are provided to District in relation to the Workwork, then, upon District’s request and in District’s sole discretion, and in accordance with Civil Code Section 9364, Contractor agrees to give District a release bond, executed by an admitted surety insurer in an amount equal to one hundred twenty-five percent (125%) of the claim stated in the stop payment notice, conditioned for the payment of any amount the claimant recovers in action on the claim, together with court costs if the claimant prevails.