SURETY OBLIGATION Sample Clauses
SURETY OBLIGATION. If Contractor does not faithfully construct and complete said work, as defined in the Scope of Work under its contract with City, and City invokes its contractual rights and declares Contractor in default, Surety promptly shall remedy the default and, at City’s sole option, Surety shall:
A. within a reasonable time (but not later than thirty (30) days after ▇▇▇▇▇▇ receives written notice of Contractor’s/Principal’s Default), with written notice to City, step into and assume the role, all rights and all obligations of the defaulting Contractor/Principal under the Contract. Upon assumption of this role, Surety and all sureties directly shall contract with a Completion Contractor hired/engaged by ▇▇▇▇▇▇ and all sureties to complete the structure(s), Work and improvements, pursuant to the Scope of Work in the Contract with Contractor/Principal. The selection of the Completion Contractor must be approved in writing by City and such approval shall not unreasonably be withheld. Surety and all sureties solely shall be responsible for any and all costs incurred, up to the Bond Sum, to complete the structure(s), Work and improvements, pursuant to the Scope of Work in the Contract with Contractor/Principal; or
B. In the event Surety fails to contract with a Completion Contractor within ninety (90) days of receipt of City’s written notice of Default, City may, at City’s sole discretion, select a Completion Contractor in accordance with Texas Law. In this event of Surety and all sureties failing to contract with a Completion Contractor within ninety (90) days of receipt of City’s written notice of Default, Surety and all sureties then shall pay City any and all costs, up to the Bond Sum, for City’s selected Completion Contractor to complete the structure(s), Work and improvements, as defined in the Scope of Work in the Contract with Contractor/Principal; or
C. at City’s sole discretion, Surety and all sureties shall pay to City City’s estimated amount for City to execute a Project Completion Contract with a Completion Contractor, selected by City in accordance with Texas Law, solely to complete the structure(s), Work and improvements, pursuant to the Scope of Work in the Contract with Contractor/Principal. Surety and all sureties shall pay City any and all costs, up to the Bond Sum, for the City-selected Completion Contractor to complete the structure(s), Work and improvements, as defined in the Scope of Work in the contract with Contractor/Principal.
SURETY OBLIGATION. Surety’s obligation under this Bond is for the benefit and sole protection of all persons supplying labor, services, materials and equipment in the prosecution of said Contract. Surety’s obligation to the Claimant(s) shall not exceed the Bond Sum.
SURETY OBLIGATION. ▇ ▇▇▇▇▇▇ Obligation is enforceable against a Campbell Group Member;
SURETY OBLIGATION a Surety Obligation of a Transaction Party is not discharged within 5 days of:
(1) its maturity; or
(2) when it is called;
SURETY OBLIGATION. The obligation of the surety will be that the Institution, its officers, agents, and employees will faithfully perform the terms and conditions of its application to participate in ▇▇▇▇; and conform to the standards and requirements required for participation in ▇▇▇▇.
5.4.1. the bond, certificate of deposit, or letter of credit shall be in a form approved by OCHE and issued by a company authorized to do such business in Utah.
5.4.2. the bond, certificate of deposit, or letter of credit shall be payable to OCHE to be used to satisfy any costs, losses, or damages resulting from the Institution’s failure to meet its obligation to be sufficiently financially stable to participate in ▇▇▇▇.
5.4.3. the surety company may not be relieved of liability on the surety unless it gives the Institution and OCHE 90 calendar days’ notice by certified mail of the company's intent to cancel the surety.
5.4.4. if at any time the company that issued the surety cancels or discontinues the coverage, the Institution's eligibility to participate is ▇▇▇▇ is automatically revoked as a matter of law on the effective date of the cancellation or discontinuance of surety coverage unless a replacement surety is obtained on or before the cancellation date of the original coverage and provided to OCHE.
SURETY OBLIGATION. Graystone Quarry shall initially maintain a Two Hundred Thousand Dollar ($200,000.00) performance bond (the “Bond”) on the Roads, for both Infrastructure Maintenance and Cost Reimbursement, securing and guaranteeing the same for the Term of this Agreement. The Bond shall be adjusted based upon the Infrastructure Maintenance planned and/or needed during the term of this Agreement based upon the traffic study and engineering report as outlined in Section 11 below. Additionally, the Bond shall be reduced thereafter based upon the completion of any of the aforementioned Infrastructure. Graystone Quarry shall provide ▇▇▇▇▇▇▇▇’▇ Station, upon demand, proof of the Bond. In the event Graystone Quarry fails to provide proof of the Bond, fails to reimburse ▇▇▇▇▇▇▇▇’▇ Station for the Infrastructure Maintenance, or breaches this Agreement in any form or manner, ▇▇▇▇▇▇▇▇’▇ Station shall have the unequivocal and unilateral right to call the Bond to cover all Infrastructure Maintenance expenses and related costs.