Subcontractor Bonds. Owner and Contractor shall agree in writing to the bonding strategy and requirements of Subcontractors prior to any contracts pertaining to the Project between Contractor and any Subcontractors.
Subcontractor Bonds. If required by Contractor, Subcontractor shall furnish, at its cost, to Contractor and Customer, as the named obligees, payment and performance bonds to secure Subcontractor's performance and obligations arising under this Subcontract.
Subcontractor Bonds. 2.26.1 If required by the Subcontract Agreement or the Subcontract Work Order, the Subcontractor shall furnish to the Contractor, as the named Obligee, appropriate surety bonds to secure the faithful performance of the Subcontract Work and to satisfy all Subcontractor payment obligations related to Subcontract Work.
2.26.2 If a performance or payment bond, or both, are required of the Subcontractor under this Agreement, the bonds shall be in a form and by a surety mutually agreeable to the Contractor and Subcontractor, and in the full amount of the Subcontract, unless otherwise specified. If payment and performance bonds are required of the Subcontractor, said bonds shall be from a surety company listed in the latest edition of the Federal Register as holding a certificate of authority and an underwriting limit large enough for the Project. The surety must also be licensed to do business in the State in which the project is located.
2.26.3 The Subcontractor shall be reimbursed for the cost of any required performance or payment bonds simultaneously with the first progress payment. If the Subcontract Agreement or Subcontract Work Order requires payment and performance bonds, the Subcontractor and his surety agree to increase the amount of Subcontractor's payment and performance bond by the full amount of any amendment in work scope resulting in a cost increase. If the Contract sum is increased by more than twenty percent (20%) of the original Contract sum, the Subcontractor will furnish a consent of surety to the Contractor. The Subcontractor agrees that the additional bond premium for any amendment will be included in the Contract sum increase in that amendment.
2.26.4 In the event the Subcontractor shall fail to promptly provide any required bonds, the Contractor may terminate this Agreement and enter into a subcontract for the balance of the Subcontract Work with another subcontractor. All Contractor costs and expenses incurred by the Contractor as a result of said termination shall be paid by the Subcontractor.
Subcontractor Bonds. A. If the Contractor provided in its General Bid that any or all filed subcontractors shall provide the Contractor with payment and performance bonds for the full amount of their respective Subcontracts, then the costs for said bonds shall be the responsibility of the Contractor.
B. If the Contractor provided in its General Bid that filed Subcontractors shall provide bonds, and subsequently waives the requirement, the Contractor shall give the Awarding Authority a written certification that the Contractor understands that if the filed Subcontractor defaults or is terminated, the Contractor shall have full responsibility for all costs and expenses related to said default or termination but shall be entitled to a credit adjustment to the Contract Price in an amount equal to the bond premium Contractor would have paid had Contractor required the filed Subcontractor to provide such bonds.
Subcontractor Bonds. Each performance bond, if any, furnished by a first-Tier Subcontractor shall include a provision whereby the Surety consents to the contingent assignment of CONTRACTOR’S rights under such bond to DISTRICT as provided in section.
Subcontractor Bonds. FOR DCAMM USE ONLY
A. If the CM provided in its Guaranteed Maximum Price or other Proposal that any or all subcontractors shall provide the CM with payment and performance bonds for the full amount of their respective Subcontracts, then the costs for said bonds shall be the responsibility of the CM. Irrespective of whether the CM requests payment and performance bonds from their respective Subcontractors, the CM understands that if the Subcontractor defaults or is terminated, the CM shall have full responsibility for all costs and expenses related to said default or termination.
B. If the CM, provided in its General Bid, that Subcontractors shall provide bonds, and subsequently waives the requirement, the CM shall give DCAMM a written certification that the CM understands that if the Subcontractor defaults or is terminated, the CM shall have full responsibility for all costs and expenses related to said default or termination.
Subcontractor Bonds. Owner reserves the right to require the Contractor to obtain Performance and Payment Bonds for any Subcontractor’s bid. Owner will pay the actual cost of any bond so required, not including any overhead and profit. If said bonds cannot be obtained within thirty (30) Calendar Days of notification, the Subcontractor shall be replaced at no additional cost to Owner.
Subcontractor Bonds. If requested by Owner, the Contractor shall furnish and deliver to the Owner Bonds with respect to the Work of those Subcontractors and/or trades performing the Work as specifically identified by Owner (collectively, the “Subcontractor Bonds”). Any such Subcontractor Bonds securing a Subcontractor’s performance and/or payment obligations shall be issued on AIA Document 312-1984 Payment Bond and AIA Document 312-1984 Performance Bond forms or other form(s) approved by Owner, and shall name Contractor and Owner as dual obligees thereunder. The Subcontracts shall require that the amount of each Subcontractor Bond shall be equal to one hundred percent (100%) of the subcontract price. The cost of such Subcontractor Bonds shall be a part of the Contract Sum. The Contractor shall expressly require in the relevant subcontract that it shall be the duty of the Subcontractor to advise the surety or sureties of any Change Orders that result in an increase to the subcontract price and to ensure that the amount of the Subcontractor Bonds required are updated to reflect and cover any such increases throughout the course of the Project. If required by Lender, the Lender shall be identified as a dual or co-obligee on each of these Subcontractor Bonds. Contractor shall furnish to Owner proof of any required Subcontractor Bonds prior to the start of the Work of the applicable Subcontractor.
Subcontractor Bonds. If requested by General Contractor or Owner, Subcontractor shall provide and pay for, as separate and distinct items. Each PSA will indicate whether Payment and Performance Bonds are required for each project. When Payment and Performance Bonds are required, the Subcontractor will include the cost of these bonds in the Subcontractor’s Contract Sum: Performance Bond which shall guaranty the full and faithful performance of each and every provision of this Agreement, and each and every provision of the General Contract and each and every provision of the Contract Documents pursuant to which this Agreement is executed; and Labor and Material Payment Bond assuring that all materials incorporated into the Work referred to in this Agreement, and all labor required in and about the performance of the Work, and all other items referred to in this Agreement, are fully paid; Except as otherwise provided in subparagraph B of this Article, each of said bonds shall be: (i) in strict accordance with General Contractor's bond form provided in an amount or penalty equal to 100% of the Contract Sum hereunder; and, (ii) written with a corporate surety approved by General Contractor, but in no case shall said surety carry a rating of less than “A”, as rated by “Best’s Key Rating Guide”. All costs associated to these bonds shall be included in the Subcontractor's Contract Sum. Failure of Subcontractor to submit said bonds, or either of them, within fifteen (15) days after delivery of each PSA to Subcontractor executed by General Contractor shall be sufficient cause for General Contractor, at its option, exercisable by written notice to Subcontractor: (1) to terminate the PSA as of a date specified in such notice, reserving all its rights arising from or incident to this Agreement accrued to the termination date; or (2) to withhold all payments due or which may become due hereunder until such bonds are received and approved by General Contractor. Notwithstanding any language in the Performance or Payment Bonds which might indicate to the contrary, the Performance and Payment Bonds shall specifically extend to and cover the entire term of each guarantee, warranty and maintenance obligation of Subcontractor and such bonds shall be deemed to be amended so as to fully cover such obligations.
Subcontractor Bonds. 5.2.1 The parties may agree that the Subcontractor shall furnish to the Contractor, as the named Obligee, appropriate surety bonds to secure the faithful performance of the Subcontractor Work and to satisfy all Subcontractor payment obligations arising thereunder. The Subcontractor surety bond requirements, if any, applicable to this Subcontract are as follows: Subcontractor Performance Bond Subcontractor Payment Bond
5.2.2 If a performance or payment bond, or both are required of the Subcontractor under this Subcontract, then said bonds shall be in the full amount of the Subcontract Price, unless otherwise specified herein, and said bonds shall be in a form and by a surety mutually agreeable to the Contractor and Subcontractor.
5.2.3 The Subcontractor shall be reimbursed, without retainage, for the cost of any required performance or payment bonds simultaneously with the first progress payment hereunder.
5.2.4 In the event the Subcontractor shall fail to promptly provide any required bonds, the Contractor may terminate this Subcontract and enter into a subcontract for the balance of the Subcontract Work with another subcontractor. All Contractor costs and expenses incurred by the Contractor as a result of said termination shall be paid by the Subcontractor.
