Common use of Terms - Performance Bond Clause in Contracts

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety also agree to be bound by the General Terms in section 5. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety also agree to be bound by the General Terms in section 5. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety Xxxxxx also agree to be bound by the General Terms in section 5. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety Xxxxxx also agree to be bound by the General Terms in section 5. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety also agree to be bound by the General Terms in section 54. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. D above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety Xxxxxx also agree to be bound by the General Terms in section 5. below.

Terms - Performance Bond. a. Developer, as Principal, and as Surety, hereinafter called Surety, are held and firmly bound unto the City, as Obligee, in the penal sum of XXXX ($XX.XX) for payment where of Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally as described in 3. b. – f. below. b. In accord with Recital D. above, Developer is required to provide the City with performance security for the Improvements to assure that all work or action identified in Recital B. are satisfactorily completed. c. After written notice from the City that Developer has failed to (a) complete all work or action on the Improvements satisfactorily, (b) pay all sums owing to contractors, subcontractors, materialmen, suppliers or others as a result of such work for which a lien against any City property, or property where the improvements are located, has arisen or may arise; or (c) obtain acceptance by the City for the Project; all on or before the time frame as set forth in the Permit, or any extension of time granted by the City in writing, Principal shall complete to the City’s reasonable satisfaction (a) through (c) identified in the written notice by the deadline specified in the written notice, and repair any damage to other work resulting from the Principal’s identified failure. d. If Principal does not complete the Improvements to the City’s reasonable satisfaction as described in c. above, then within five (5) days after the City’s written demand to Surety, Surety shall pay to the City all amounts necessary to complete the Improvements up to and including the full penal sum of this bond. e. This Agreement for bond shall remain in effect until the City determines in writing at in its sole discretion that the Improvements have been completed, or years from full execution of this Agreement, whichever occurs first. f. The City, Developer and Surety Xxxxxx also agree to be bound by the General Terms in section 54. below.