Common use of Temporary Bond Reduction Clause in Contracts

Temporary Bond Reduction. When, under B8.33, Contracting Officer requests Contractor to delay or interrupt Contractor’s Operations for more than 90 days, the performance bond amount required may be temporarily reduced upon the written request of Con- tractor or at the discretion of Contracting Officer. For the period of the delay or interruption, the performance bond may be reduced to an amount not less than the estimated cost of uncompleted work required of Con- tractor and any unpaid xxxxxxxx due on the contract. Upon Contractor’s receipt of written notice from Contracting Officer that the basis for the delay or inter- ruption no longer exists, Contractor shall restore the performance bond to the full amount shown in A17 within 15 days. Contractor shall not resume contract op- erations until the performance bond amount is fully re- stored.

Temporary Bond Reduction. When, under B8.33, Contracting Officer requests Contractor to delay or interrupt Contractor’s Operations for more than 90 days, the performance bond amount required may be temporarily reduced upon the written request of Con- tractor or at the discretion of Contracting Officer. For the period of the delay or interruption, the performance bond may be reduced to an amount not less than the estimated cost of uncompleted work required of Con- tractor and any unpaid xxxxxxxx due on the contract. contract.‌‌ Upon Contractor’s receipt of written notice from Contracting Officer that the basis for the delay or inter- ruption no longer exists, Contractor shall restore the performance bond to the full amount shown in A17 within 15 days. Contractor shall not resume contract op- erations until the performance bond amount is fully re- stored.stored.‌‌‌

Temporary Bond Reduction. When, under B8.33, Contracting Officer requests Contractor to delay or interrupt Contractor’s Operations for more than 90 days, the performance bond amount required may be temporarily reduced upon the written request of Con- tractor or at the discretion of Contracting Officer. For the period of the delay or interruption, the performance bond may be reduced to an amount not less than the estimated cost of uncompleted work required of Con- tractor and any unpaid xxxxxxxx due on the contract. contract.‌‌ SAMPLE Upon Contractor’s receipt of written notice from Contracting Officer that the basis for the delay or inter- ruption no longer exists, Contractor shall restore the performance bond to the full amount shown in A17 within 15 days. Contractor shall not resume contract op- erations until the performance bond amount is fully re- stored.stored.‌‌‌

Temporary Bond Reduction. When, under B8.33, Contracting Officer requests Contractor to delay or interrupt Contractor’s Operations for more than 90 days, the performance bond amount required may be temporarily reduced upon the written request of Con- tractor or at the discretion of Contracting Officer. For the period of the delay or interruption, the performance bond may be reduced to an amount not less than the estimated cost of uncompleted work required of Con- tractor and any unpaid xxxxxxxx due on the contract. SAMPLE Upon Contractor’s receipt of written notice from Contracting Officer that the basis for the delay or inter- ruption no longer exists, Contractor shall restore the performance bond to the full amount shown in A17 within 15 days. Contractor shall not resume contract op- erations until the performance bond amount is fully re- stored.