Dual Obligee Performance Bond definition
Dual Obligee Performance Bond means that dual obligee bond issued by American Home Assurance Company in favor of Borrower and Lender insuring construction of the Improvements according to the Plans and Specifications.
Examples of Dual Obligee Performance Bond in a sentence
In the event, and at any time, that BOEM requires security for any or all of the Abandonment Obligations, Orinoco or Maritech, as appropriate, shall use their best efforts to seek the approval of BOEM to provide a Dual Obligee Performance Bond for such security, with TETRA as the co-obligee (“Dual Obligee Bond”).