Common use of Surety Requirement Clause in Contracts

Surety Requirement. The permittee and/or their agent shall provide surety to guarantee the satisfactory performance of the activity authorized under the auspices of the land use permit issued for the initial installation. The surety shall be based on the estimated cost of work to be performed within the right-of-way and the amount shall be determined by the district administrator’s designee. The surety may be in the form of a check, cash, irrevocable letter of credit, insurance bond, or any other VDOT-approved method. This surety will be refunded or released upon satisfactory completion of the initial installation and inspection by VDOT. Prior to release of the performance surety provided for the initial installation the permittee shall provide VDOT with a continuous surety in an amount sufficient to restore the right-of-way in the event of damage, failure or default. The surety amount shall be determined by the district administrator’s designee and may be in the form of a check, cash, insurance bond, or any other VDOT-approved method. Cash Surety Refund By signing this document, I hereby acknowledge the following: Should I owe the Internal Revenue Service or the Commonwealth of Virginia, I may not receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit unless the amount owed is less than the amount of cash guarantee provided. That failure to satisfactorily complete the work authorized under the auspices of a land use permit may also result in the forfeiture of the cash guarantee provided. That I must provide an executed copy of the Commonwealth of Virginia’s Substitute Form W-9 to receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit.

Surety Requirement. The permittee and/or their agent shall provide surety to guarantee the satisfactory performance of the activity authorized under the auspices installation of the land use permit issued for the initial installation. The surety shall be based on the estimated cost of work to be performed lighting facilities within the state maintained highway right-of-way and the amount shall be determined by the district administrator’s designeeway. The surety may be in the form of a check, cash, irrevocable letter of credit, insurance bond, or any other VDOT-approved method. This surety method and will be refunded or released upon satisfactory completion of the initial installation and inspection by VDOT. Prior to release of the performance surety provided for the initial installation the permittee shall provide VDOT with a continuous surety in an amount sufficient to restore the right-of-way in the event of damage, failure or default. The surety amount shall be determined by the district administrator’s designee and may be in the form of a check, cash, insurance bond, or any other VDOT-approved method. Cash Surety Refund By signing this document, I hereby acknowledge the following: Should I owe the Internal Revenue Service or the Commonwealth of Virginia, I may not receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit unless the amount owed is less than the amount of cash guarantee provided. That failure to satisfactorily complete the work authorized under the auspices of a land use permit may also result in the forfeiture of the cash guarantee provided. That I must provide an executed copy of the Commonwealth of Virginia’s Substitute Form W-9 to receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit.

Surety Requirement. The permittee and/or their agent shall provide surety to guarantee the satisfactory performance installation of the activity authorized under the auspices of the land use permit issued for the initial installation. The surety shall be based on the estimated cost of work to be performed within the right-of-way and the amount shall be determined by the district administrator’s designeeprivately maintained irrigation system. The surety may be in the form of a check, cash, irrevocable letter of credit, insurance bond, or any other VDOT-approved method. This surety method and will be refunded or released upon satisfactory completion of the initial installation and inspection by VDOT. Prior to release of the performance surety provided for the initial installation the permittee shall provide VDOT with a continuous surety in an amount sufficient to restore the right-of-way in the event of damage, failure or default. The surety amount shall be determined by the district administrator’s designee and may be in the form of a check, cash, insurance bond, or any other VDOT-approved method. Cash Surety Refund By signing this document, I hereby acknowledge the following: Should I owe the Internal Revenue Service or the Commonwealth of Virginia, I may not receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit unless the amount owed is less than the amount of cash guarantee provided. That failure to satisfactorily complete the work authorized under the auspices of a land use permit may also result in the forfeiture of the cash guarantee provided. That I must provide an executed copy of the Commonwealth of Virginia’s Substitute Form W-9 to receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit.

Surety Requirement. The permittee and/or their agent shall provide surety to guarantee the satisfactory performance of the activity authorized under the auspices of the land use permit issued for the initial installation. The surety shall be based on the estimated cost of work to be performed within the right-of-way and the amount shall be determined by the district administrator’s designee. The surety may be in the form of a check, cash, irrevocable letter of credit, insurance bond, or any other VDOT-approved method. This The surety will be refunded or released upon satisfactory completion of the initial installation and final inspection by VDOT. Prior to release of the performance surety provided for the initial installation the permittee shall provide VDOT with a continuous surety in an amount sufficient to restore the right-of-way in the event of damage, failure or default. The surety amount shall be determined by the district administrator’s designee and may be in the form of a check, cash, insurance bond, or any other VDOT-approved method. Cash Surety Refund By signing this document, I hereby acknowledge the following: Should I owe the Internal Revenue Service or the Commonwealth of Virginia, I may not receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit unless the amount owed is less than the amount of cash guarantee provided. That failure to satisfactorily complete the work authorized under the auspices of a land use permit may also result in the forfeiture of the cash guarantee provided. That I must provide an executed copy of the Commonwealth of Virginia’s Substitute Form W-9 to receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit.

Surety Requirement. The permittee and/or their agent locality shall provide surety to guarantee the satisfactory performance installation of the activity authorized under the auspices of the land use permit issued for the initial installation. The surety shall be based photo-red camera equipment on the estimated cost of work to be performed within the state maintained highway right-of-way and the amount shall be determined by the district administrator’s designeeway. The surety may be in the form of a check, cash, irrevocable letter of credit, insurance bond, resolution or any other VDOT-approved method. This surety method and will be refunded or released upon satisfactory completion of the initial installation and inspection by VDOT. Prior to release of the performance surety provided for the initial installation the permittee locality shall provide VDOT with a continuous surety in an amount sufficient to restore the right-of-way in the event of damage, failure or default. The surety amount shall be determined by the district administrator’s designee and may be in the form of a check, cash, insurance bond, resolution or any other VDOT-approved method. The continuous surety will only be refunded or released upon removal of the photo-red camera equipment, restoration of the right-of-way and final inspection of the impacted intersection by VDOT. Cash Surety Refund By signing this document, I hereby acknowledge the following: Should I owe the Internal Revenue Service or the Commonwealth of Virginia, I may not receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit unless the amount owed is less than the amount of cash guarantee provided. That failure to satisfactorily complete the work authorized under the auspices of a land use permit may also result in the forfeiture of the cash guarantee provided. That I must provide an executed copy of the Commonwealth of Virginia’s Substitute Form W-9 to receive a refund of the cash guarantee provided for the issuance of a VDOT land use permit.