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 Guarantee and the Prime Contractor’s Performance Bond).

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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

As a condition of Owner's termination rights provided for in this paragraph, CM shall be released and discharged from all obligations arising by, through or under the terms of this Agreement, and the Payment and Performance Bond shall be terminated.
Department may assign all or part of its right, title and interest in and to Preconstruction Services Contract, including rights with respect to the Payment and Performance Bond, any Guaranty and any other performance security provided, to any Person with the prior written approval of Construction Manager.
The surety selected by the CM to provide the Payment and Performance Bond shall be approved by the Owner prior the issuance of such Bond, which approval shall not be unreasonably withheld.
Concurrently with the execution of this Agreement, Subcontractor shall, if required by Contractor, execute a Payment and Performance Bond, in an amount equal to one hundred percent (100%) of the Contract Price.
The Payment and Performance Bond may be issued by one or more sureties, provided that each one is jointly and severally liable under the Payment and Performance Bond.

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 any payment and performance bond delivered under any contract or subcontract in favor of ▇▇▇▇ 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 shall have the meaning given such term in Section 4.1(h).

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 Municipalities, 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 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 means with respect to any subcontractor (other than ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ & 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.