Common use of Surety Bonds for Additional Work Clause in Contracts

Surety Bonds for Additional Work. Prior to the commencement of any Additional Work that will cost in excess of One Million and No/100 Dollars ($1,000,000.00), whether or not such work is Material Additional Work, and at all times during the performance of such Additional Work and for so long after the completion thereof that any of Tenant’s other contractors and subcontractors (other than the Additional Work Construction Contractor) have not been paid in full in respect to the Additional Work, Tenant shall cause the Additional Work Construction Contractor to obtain, keep and maintain performance and payment bonds from a Qualified Surety in a total amount equal to one hundred percent (100%) of the costs of the Additional Work.

Surety Bonds for Additional Work. Prior to the commencement of any Additional Work that will cost in excess of One Million and No/100 Dollars ($1,000,000.00)the Additional Work Surety Bond Threshold, whether or not such work is Material Additional Work, and at all times during the performance of such Additional Work and for so long after the completion thereof that any of Tenant’s other contractors and subcontractors (other than the Additional Work Construction Contractor) have not been paid in full in respect to the Additional Work, Tenant shall cause the Additional Work Construction Contractor to obtain, keep and maintain performance and payment bonds from a Qualified Surety in a total amount equal to one hundred percent (100%) of the costs of the Additional Work.

Surety Bonds for Additional Work. Prior to the commencement of any Additional Work that will shall cost in excess of One Million and No/100 Dollars ($1,000,000.00)the Additional Work Surety Bond Threshold, whether or not such work is Material Additional Work, and at all times during the performance of such Additional Work and for so long after the completion thereof that any of TenantOwner’s other contractors and subcontractors (other than the Additional Work Construction Contractor) have not been paid in full in respect to the Additional Work, Tenant Owner shall cause the Additional Work Construction Contractor to obtain, keep and maintain performance and payment bonds from a Qualified Surety in a total amount equal to one hundred percent (100%) of the costs of the Additional Work.