Xxxx Requirements. 1. Each bond shall be executed by a California admitted surety. The surety must be listed in the latest version of the U.S. Department of Treasury Circular 570. The limit on the surety bond must not exceed the surety’s underwriting limitation stated in the Treasury Circular 570 listing. The surety must have an A.M. Best Financial Strength rating of “A, Excellent” and an A.M. Best Financial Size rating of VIII or better. 2. Every bond must display the surety’s bond number and incorporate the Contract Documents by reference. The Contractor shall be named as the obligee on each bond. The terms of the bond shall provide that the surety agrees that no change, extension of time, alteration or modification of the Contract Documents or the Work to be performed there under shall in any way affect its obligations and shall waive notice of any such change, extension of time, alteration or modification of the Contract Documents. 3. Regardless of whether a performance bond and a payment bond are required, Subcontractor shall defend, indemnify and hold harmless the Contractor from all claims for liens or stop notices arising out of the Subcontractor’s Work to be performed under this Agreement, and Subcontractor will immediately assume defense of any action alleging such a claim for lien or stop notice. In the event a claim of lien or stop notice is filed, the Subcontractor shall promptly cause said lien or stop notice to be removed by posting a bond in accordance with the California Civil Code.
Appears in 6 contracts
Samples: Subcontractor Agreement, Subcontractor Agreement, Subcontractor Agreement
