Common use of Surety for Performance and Payment Clause in Contracts

Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the premises, the Lessee will furnish City adequate surety for performance and payment in a form acceptable to the City Finance Director, in an amount not less then the cost of the improvements to be constructed, and which will remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease Agreement. The surety will state the following:

Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the premisesPremises, the Lessee will furnish City adequate surety for performance and payment in a form acceptable to the City Finance City’s Management Services Director, in an amount not less then than the cost of the improvements to be constructed, and which plus twenty-five (25) percent. The surety in the required amount will remain in effect until the entire cost of the work has been paid in full and the new improvements have been accepted as complete and insured as provided in this Lease Agreement. The surety will state the following:

Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the premises, the Lessee will furnish City adequate surety for performance and payment in a form acceptable to the City Finance Director, in an amount not less then than the cost of the improvements to be constructed, and which will remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease Agreement. The surety will state the following:

Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the premisesPremises, the Lessee will shall furnish City adequate surety for performance and payment in a form acceptable to the City Finance Director, in an amount not less then than the cost of the improvements to be constructed, and which will remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease Agreement. The surety will state the following: