Surety Requirements. 5.1 The Grantee understands and agrees that it shall be liable to repay to the Agency any funds not expended in accordance with this grant, or determined to be expended in violation of the terms of this grant and under OMB’s UG including loss arising from a fraudulent or dishonest act of the Grantee’s officers and employees holding positions of fiduciary trust.
5.2 All repayment made by the Grantee to the Agency pursuant to Section 5.1 of these General Terms and Conditions (GTC) shall be from non-federal funds.
5.3 The Grantee’s failure to make repayment to the Agency within thirty (30) days after demand may result in legal actions to recover such funds and any additional costs incurred by the Agency, including allowable interest.
Surety Requirements. Licensee shall furnish bond or other satisfactory evidence of financial security in an amount specified as follows to guarantee the payment of any sums which may become due to the Licensor for attachment fees due hereunder and any other charges for work performed for Licensee, by the Licensor, including the removal of Licensee’s facilities upon termination of any authorization issued hereunder.
a. Licensee shall furnish a cash deposit, bond, irrevocable Letter of Credit or other security satisfactory to the Licensor in the following amounts: Security in the amount of $20.00, shall be required for each authorized pole attachment. The total amount of security required hereunder shall not exceed $300,000 or be less than $1,000. Security will not be required where Licensee’s total attachment authorizations do not exceed ten (10).
b. If the financial security is in the form of a bond or irrevocable Letter of Credit, such instrument shall be issued by a Surety Company or Bank satisfactory to the Licensor. The instrument shall contain a provision that the Surety Company or Bank will pay the Licensor within the dollar limits of the instrument any sum demanded by the Licensor as due under this Agreement, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are paid by the Surety Company or Bank, the Licensee shall restore the Surety Bond or Letter of Credit to the full amount required under this Article, within thirty (30) days after notice of such payment is sent to the Licensee.
c. If the security is in the form of a cash deposit, interest at the rate currently paid by the Licensor on deposits shall be credited to the Licensee during the continuance of the deposit. If the Licensee shall fail to pay any sum demanded by the Licensor as due under the provisions of this Agreement, the Licensor shall have the right, without prior notice to the Licensee forthwith to apply any or all amounts on deposit with it to payment of the sum due, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are applied to payment of sums due to the Licensor, Licensee shall restore to its deposit the amounts so applied within thirty (30) days after notice to Licensee of such application.
d. The amount of the bond or the financial se...
Surety Requirements a Licensee shall furnish a Surety Bond or irrevocable Letter of Credit satisfactory to the Licensor according to the following criteria: b. The maximum security limit required is $500,000.
Surety Requirements. Respondents indicating "BID BOND" below shall utilize the "Attachments" section of this portal to submit their documentation. Failure to provide a valid surety instrument shall result in disqualification. The required Bid Bond Template is provided on the County's Forms and Resources website (xxxxx://xxx.xxxx.xxx/vfr). For additional information see: #Bond Requirements and #Submittal Instructions & Solicitation Terms . ☐ BID BOND: Attached hereto is a bid bond, along with a certified and effectively dated copy of the power of attorney, these documents have been completed and signed by all required parties and have been submitted on the County's required Bid Bond Template. ☐ ALTERNATIVE SURETY: Respondent acknowledges that submittal of a Certified Check, or a Cashier's Check, is required to be received at the Procurement Division by the stated deadline. Failure to submit alternative surety shall disqualify this electronic offer. ☐ NOT REQUIRED: This offer is under the $100,000 requirement for bonds. *Response required
Surety Requirements. 12.1 Licensee shall furnish a Surety Bond or irrevocable Letter of Credit satisfactory to the Licensor according to the following criteria: 12.2 The maximum security limit required is $500,000.
12.3 If the financial security is in the form of a bond, irrevocable Letter of Credit, or other security as deemed acceptable by Licensor, such instrument shall be issued by a nationally recognized and rated surety company or bank and shall guarantee Licensee’s obligations under the agreement. The Licensee is obligated to maintain the security in the full amount for the terms of the agreement.
12.4 The amount of the bond or the financial security shall not operate as a limitation upon the obligations of the Licensee.
Surety Requirements. A. Developer will provide the Town with an irrevocable letter of credit (or other surety as approved by the Town Attorney) as security that the obligations of the Developer under this contract shall be performed. Said letter of credit or surety shall be in the amount of $ representing the sum of 125% of the estimated cost of the Municipal Improvements ($ ), $ per acre for erosion control on and off-site improvements, and 150% of the estimated cost for landscaping/screening materials ($ ). Said letter of credit or surety must meet the approval of the Town attorney as to form and issuing bank (the issuing bank must be an FDIC insured bank located within 100 miles of the Watab Township), and must be available in its entirety to fulfill the obligations of the Developer under this Agreement. The letter of credit to the Town shall contain language requiring its automatic renewal prior to December 31 of each calendar year, unless cancellation of the letter of credit is specifically approved in writing by the Town.
B. The Town may draw on said letter of credit or surety after required written notice to complete work not performed by Developer (including but not limited to on- and off-site improvements, Municipal Improvements described above, erosion control, and other such measures), to pay liens on property to be dedicated to the Town, to reimburse itself for costs incurred in the drafting, execution, administration or enforcement of this Agreement, to repair or correct deficiencies or other problems which occur to the Municipal Improvements during the warranty period, or to otherwise fulfill the obligations of Developer under this Agreement. Said letter of credit must be maintained by Developer at all times at the level provided in paragraph 4A above or a lesser amount authorized by the Town Board pursuant to paragraph 5B below.
C. In the event that any cash, irrevocable letter of credit, or other surety referred to herein is ever utilized and found to be deficient in amount to pay or reimburse the Town in total as required herein, the Developer agrees that upon being billed by the Town, Developer will pay within thirty (30) days of the mailing of said billing, the said deficient amount. If there should be an overage in the amount of utilized security, the Town will, upon making said determination, refund to the Developer any monies which the Town has in its possession which are in excess of the actual costs of the project as paid by the Town.
D. Developer hereb...
Surety Requirements. (i) Unless an exception is granted in accordance with paragraph (a)(3)(iii) of this section or when interim financing will be used, surety that guarantees both payment and performance in the amount of the contract will be furnished when one or more of the following conditions exist:
(A) The contract exceeds the applica- ble Rural Development Single Family Housing area loan limit as per 7 CFR 3550.63. (Loan limits are available at the local Rural Development field of- fice.)
(B) The loan approval official deter- mines that a surety bond appears ad- visable to protect the borrower against default of the contractor.
(C) The applicant requests a surety bond.
(D) The contract provides for partial payments in excess of the amount of 60 percent of the value of the work in place.
(E) The contract provides for partial payments for materials suitably stored on the site.
(ii) If surety bonds are required the construction contract must indicate that the contractor will furnish prop- erly executed surety bonds prior to the start of any work. Exhibits F and G of this subpart as revised by OGC if nec- xxxxxx to comply with local or state statutory requirements will be used as the forms of payment bond and per- formance bond to be provided. Unless noncorporate surety is provided, the surety bonds may only be obtained from a corporate bonding company list- ed on the current Department of the Treasury Circular 570 (published annu- ally in the FEDERAL REGISTER), as holding a certificate of authority as an acceptable surety on Federal bonds and as legally doing business in the State where the land is located. Noncor- porate sureties are not recommended and the State Director will be respon- sible for determining the acceptability of the individual or individuals pro- posed as sureties on the bonds. The State Director must determine that an individual or individuals proposed as sureties must have cash or other liquid assets easily convertible to cash in an amount at least equal to 25 percent more than the contract amount in order to be acceptable. The indi- vidual(s) will pledge such liquid assets in an amount equal to the contract amount. Fees charged for noncorporate sureties may not exceed fees charged by corporate sureties on bonds of equal amount and, in no case, may surety be provided by the applicant or any per- son or organization with an identity of interest in the applicant’s operation. The United States (including FmHA or its successor agency under Public Law 103–35...
Surety Requirements. 5.1 The Grantee understands and agrees that it shall be liable to repay to the Agency any funds not expended in accordance with this grant, or determined to be expended in violation of the terms of this grant and under OMB UG, 2 C.F.R. Part 200, including loss arising from a fraudulent or dishonest act of the Grantee’s officers and employees holding positions of fiduciary trust.
5.2 All repayment made by the Grantee to the Agency pursuant to Section 5.1 of these General Terms and Conditions (GTC) shall be from non-federal funds.
5.3 The Grantee’s failure to make repayment to the Agency within thirty (30) days after demand may result in legal actions to recover such funds and any additional costs incurred by the Agency, including allowable interest.
Surety Requirements. Tenant shall provide a bond, evidence of insurance coverage, or other surety satisfactory to Municipality in the amount of one-hundred thousand dollars ($100,000) to secure Tenant’s performance of its obligations hereunder, including but not limited to its obligations not to impair the structural integrity of the Water Tower, not to contaminate the public water supply and to remove all its equipment at the termination of the Lease.
Surety Requirements. 13.1 Licensee must furnish either a Surety Bond or irrevocable Letter of Credit satisfactory to Verizon, at Licensee's option, according to the following criteria: Poles Security Conduit Footage Security 1 – 50 $10,000 1 – 2500 $10,000 51 – 500 $75,000 2501 – 25,000 $80,000 501 – 2000 $300,000 25,001 – 75,000 $250,000 2001 – 3000 $450,000 75,001 – 150,000 $475,000 3001 – 4000 $500,000 150,000+ $500,000 For each additional pole in excess of 4,000 an additional $50.00 per pole will be added to the required bond amount
13.2 The Surety Bond or irrevocable Letter of Credit must be issued by a nationally recognized and rated surety company or bank, and will guarantee Licensee’s obligations under this Agreement. Licensee is obligated to maintain the security in the full amount for the Term of this Agreement.
13.3 The amount of the Surety Bond or irrevocable Letter of Credit will not operate as a limitation upon any of the obligations of Licensee under this Agreement.
