Payment and Performance Bond definition

Payment and Performance Bond means any payment and performance bond delivered under any Major Project Document in favour of the Company and supporting the Contractor’s obligations under any such Major Project Document (including the Prime Contractor’s Completion Guarantees and the Prime Contractor’s Performance Bonds).

Payment and Performance Bond has the meaning set forth in Section 2.12.1.

Payment and Performance Bond means a payment and performance bond providing that the subcontractors are bonded for payment and performance, in an aggregate amount of at least equal to the Construction Contract, by a surety, having an AM Best rating of at least “A- /VIII” or where an AM Best rating is unavailable, a rating of at least “AA” by Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (this bond shall contain a dual oblige clause in favor of the Contractor and the Bondholder Representative).

Examples of Payment and Performance Bond in a sentence

• Upon award, the successful Vendor may also be required to furnish and pay for a satisfactory contract one hundred percent (100%) Payment and Performance Bond which will be recorded by the City, at the Vendor’s sole cost and expense, with the Clerk of the Circuit Court, Volusia County, Florida, and to enter into a written contract with the City of Port Orange.

• The approved bid bond form attached to these Specifications should be used: no substantial variations from the language thereof will be accepted.If a bid bond is used, the 5 percent may be shown either in dollars and cents, or the bid bond may be filled in as follows, "5 percent of the total amount of the accompanying proposal."The check of the successful Respondent will be returned after award of the Contract, acceptance of the Payment and Performance Bond and City's receipt of the signed Contract.

• Contractor expressly acknowledges that if the work to be performed hereunder is a public work, a Payment and Performance Bond, in accordance with Florida Statutes Section 255.05, in a form acceptable to the City, shall be provided and recorded with the Clerk of Volusia County at Contractors expense.

• A written notice to the successful Bidder stating that the Bid has been accepted by the Owner and that the successful Bidder is required to execute the Contract and furnish the Payment and Performance Bond and Non-Collusion Affidavit.

• In accordance with F.S. 255.05 and Lee County Ordinance 18-22, a Public Payment and Performance Bond is to be issued in a sum equal to one-hundred (100%) percent of the total awarded contract amount by a surety company considered satisfactory by Lee County and otherwise authorized to transact business in the State of Florida shall be required from the successful bidder/vendor.

More Definitions of Payment and Performance Bond

Payment and Performance Bond means with respect to any subcontractor that does not qualify for Subcontractor Default Insurance, a dual obligee payment and performance bond in the form of AIA Document 312, issued by a surety company or companies authorized to do business in the state in which the Improvements are located, having a minimum rating of “A”, with no less than $5,000,000 of Treasury listing capacity or $50,000,000 of Statutory GAAP Equity and otherwise acceptable to Lender in its reasonable discretion, and in an amount not less than the full contract price under the applicable contract and otherwise in form and substance reasonably acceptable to Lender.

Payment and Performance Bond means a contractor’s payment and performance bond on the current AIA form or forms or other forms reasonably acceptable to the Town and Friends, issued by a surety company licensed as a surety in the State of Connecticut.

Payment and Performance Bond means any payment and performance bond delivered under any contract or subcontract in favor of Xxxx Las Vegas (or any contractor), the agent for the lenders under the Credit Agreement and the trustee supporting the contractor’s or subcontractor’s obligations under any such contract or subcontract.

Payment and Performance Bond means with respect to any subcontractor (other than Axxxxxxx Stone & Tile) that does not qualify for Subcontractor Default Insurance, a dual obligee payment and performance bond in the form of AIA Document 312, issued by a surety company or companies authorized to do business in the state in which the Improvements are located, having a minimum rating of “A”, with no less than $5,000,000 of Treasury listing capacity or $50,000,000 of Statutory GAAP Equity and otherwise acceptable to Lender in its reasonable discretion, and in an amount not less than the full contract price under the applicable contract and otherwise in form and substance reasonably acceptable to Lender.

Payment and Performance Bond shall have the meaning ascribed to such term in Section 4.12(B).

Payment and Performance Bond means any payment and performance bond delivered under any contract or subcontract in favor of Wynn Las Vegas (or any contractor), the agent for the lenders under the Credit Agreement and the trustee supporting the contractor’s or subcontractor’s obligations under any such contract or subcontract.

Payment and Performance Bond. A payment and performance bond obtained by the General Contractor and naming Landlord as Owner/Obligee in the amount of the construction contract.