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, Lessee shall furnish County adequate surety for performance and payment in a form acceptable to the County Risk Manager, in an amount not less than the cost of the improvements to be constructed, and which shall 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. County may, but shall not unreasonably, disapprove the surety. The surety shall be deemed approved unless notice of disapproval is given within thirty (30) days after receipt of the proposed surety.

Surety for Performance and Payment. Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the Leased Premises, Lessee shall furnish County adequate surety for performance and payment in a form acceptable to the County Risk Manager, in an amount not less than the cost of the improvements to be improved, repaired, or constructed, and which shall 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. County may, but shall not unreasonably, disapprove the surety. The surety shall be deemed approved unless notice of disapproval is given within thirty (30) days after receipt of the proposed surety.