Common Contracts
1 similar Performance and Indemnity Agreement contracts
PERFORMANCE BOND AND MAINTENANCE AGREEMENT REQUIREMENTSPerformance and Indemnity Agreement • September 14th, 2021
A Performance and Indemnity Agreement provides assurance that the City of Knoxville will be reimbursed for assuming the costs of required specifications in the event the Principal is unable to complete the required work. The Plans Review Engineer determines when the Agreement is required as outlined in Sections 22.5-5 and 22.5-27(k) of the Stormwater and Street Ordinance and the dollar amount based on “actual construction or potential remediation expenses”. The Performance and Indemnity Agreement is prepared by the Engineering Division and may be guaranteed by a cashier’s check, letter of credit, or a surety bond.
