Examples of Construction payment bond in a sentence
For public work the Construction Payment Bond provides rights of recovery for workers and suppliers similar to their rights under the mechanics lien laws applying to private work.
Procedures for making a claim under the Construction Payment Bond are set forth in the form.
Construction Performance Bond Construction Payment Bond The Construction Performance Bond is an instrument that is used to assure the availability of funds to complete the construction.
The Construction Payment Bond is an instrument that is used to assure the availability of sufficient funds to pay for labor, materials and equipment used in the construction.
To accompany the Construction Performance Bond (EJCDC No.1910-28A) and the Construction Payment Bond (EJCDC No. 1910-28B) Prepared by the Engineers' Joint Contract Documents Committee CONSTRUCTION PERFORMANCE BOND Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable.
In addition, to fully secure its payment and performance obligations under this Agreement, Contractor shall also provide to Owner, either (i) a Construction Payment Bond reasonably acceptable to Owner and Authority in an amount equal to the Contract Price, or (ii) a guaranty, in form and substance reasonably acceptable to Owner and Authority, issued by a guarantor reasonably acceptable to Owner and Authority, covering all of Contractor’s obligations hereunder.
At Contractor’s request following Final Completion of each SGF, Owner shall cooperate to execute such documents as are reasonably necessary to cause the amount of the Construction Performance Bond and Construction Payment Bond to be reduced by an amount equal to (y) the Local Unit Price of such SGF that has achieved Final Completion minus (z) the increase in the Local Unit Price of any SGF due to Change Orders that has not yet achieved Final Completion.
E To accompany the Construction Performance Bond (EJCDC No.1910-28A) and the Construction Payment Bond (EJCDC No. 1910-28B) Prepared by the Engineers' Joint Contract Documents Committee S CONSTRUCTION PERFORMANCE BOND Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable.
The Contractor shall furnish a Construction Performance and Payment Bond in an amount at least equal to one hundred percent (100%) of the total contract price as security for the faithful performance of this contract and also a Construction Payment Bond in an amount at least equal to one hundred percent (100%) of the total contract price as security for the payment of all persons performing labor on the project under this contract and furnishing materials in connection with this contract.
The Effective Date of the Agreement and the dates of any Construction Performance Bond and Construction Payment Bond should be the same, if possible.