The Subcontractor if required, shall furnish a performance bond and a payment bond on the Contactor’s bond forms, dated as of the date of this Subcontract, each in the penal sum of 100% of the Subcontract Amount, with a good and sufficient surety acceptable to the Contractor and having a Best rating of A- or better. In the event that this Subcontract is signed without bonds being furnished by the Subcontractor, such signing shall not constitute a waiver of the Subcontractor's obligation to furnish the required bonds. The Contractor may demand performance and payment bonds at any time before final payment is made to the Subcontractor and failure by the Subcontractor to furnish such bonds, within five (5) days after demand, shall constitute a default hereunder. In the event that the Surety on any bonds furnished by or on behalf of the Subcontractor becomes insolvent, ceases doing business, or receives a downgraded Best rating less than A-, the Subcontractor shall immediately furnish, without expense to the Contractor, replacement bonds that meet the requirements stated above.
The Subcontractor if required, shall furnish a performance bond and a payment bond on the Contactor’s bond forms, dated as of the date of this Subcontract, each in the penal sum of 100% of the Subcontract Amount, with a good and sufficient surety acceptable to the Contractor and having a Best rating of A- or better. In the event that this Subcontract is signed without bonds being furnished by the Subcontractor, such signing shall not constitute a waiver of the Subcontractor's obligation to furnish the required bonds. The Contractor may demand performance and payment bonds at any time before final payment is made to the Subcontractor and failure by the Subcontractor to furnish such bonds, within five (5) days after demand, shall constitute a default hereunder. Upon receipt of an acceptable performance and payment bond and receipt of an invoice from the Subcontractor’s surety, the Contractor will pay the actual cost of the bonds. In the event that the Surety on any bonds furnished by or on behalf of the Subcontractor becomes insolvent, ceases doing business, or receives a downgraded Best rating less than A-, the Subcontractor shall immediately furnish, without expense to the Contractor, replacement bonds that meet the requirements stated above.
The Subcontractor. (i) declares as at the date of commencement of this Subcontract in relation to the Works; and
The Subcontractor. (a) must provide the Services in accordance with the relevant provisions of the Combined Dental Agreement; and
The Subcontractor. A subcontractor is a person (not an employee) or business having a formal agreement (contract) with a general contractor to provide some portion of the work or services on a project which the general contractor has agreed to perform for the owner. The subcontractor quite often will provide some specialized skill or service.
The Subcontractor. IT Concepts represents and warrants to Identix ----------------- that the Subcontractor is a company 70% owned by IT Concepts and that a company duly organized and in good standing in St. Petersburg, Russia.
