Penal Amount of Bonds, State Law. The Contractor acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the Contract Sum. Accordingly, the Contractor warrants and agrees that, for any Change Order increasing the Contract Sum by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the Contract Sum, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the Contractor has provided the written amendment to the Owner.
Penal Amount of Bonds, State Law. The Design-Builder acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the GMP Cost Limitation or GMP, when established. Accordingly, the Design-Builder warrants and agrees that, for any Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Program Manager shall approve no payment for the work provided by the Change Order until the Design-Builder has provided the written amendment to the Owner.
Penal Amount of Bonds, State Law. The provisions of O.C.G.A. §§ 13-10-2, 13-10-40 and 13-10-60, shall be deemed to govern the requirements of the performance and payment bonds required under this Contract. Therefore pursuant to O.C.G.A. §§ 13-10-2, 13-10-20, 13-10-40 and 13-10-60, the bonds must be in a penal amount equal to at least 100% of the Contract Sum plus any Change Orders, less maintenance fees for the hardware, software and network services. Accordingly, the Contractor warrants and agrees that, for any Change Order increasing the Contract Sum by five percent (5%) or more, it shall obtain a written amendment to each bond increasing the penal amount to 100% of the Contract Sum, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order.
Penal Amount of Bonds, State Law. The CM/GC acknowledges and agrees that, pursuant to O.C.G.A. §§13-10-2, 13-10-20, 13-10-40 and 13-10-60, the performance bond and the payment bond must be in a penal amount equal to at least 100% of the sum of authorized Component Change Orders, the GMP Cost Limitation, or GMP Change Order when established. Accordingly, the CM/GC warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost of the Work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order.
Penal Amount of Bonds, State Law. The CMR acknowledges and agrees that, pursuant to O.C.G.A. Title 36 Chapter 91 the performance bond and the payment bond must be in a penal amount equal to at least 100% of the sum of authorized Component Change Orders, the GMP Cost Limitation, or GMP Change Order when established. Accordingly, the CMR warrants and agrees that, for any subsequent Change Order increasing the GMP by five percent or more or when the total cost of the work has increased by five percent or more, it shall obtain a written amendment to the payment bond and the performance bond increasing the penal amounts of both bonds to 100% of the GMP, effective as of the date of the Change Order. The premium increase, if any, may be properly included in the cost of the Change Order. The Design Professional shall approve no payment for the work provided by the Change Order until the CMR has provided the written amendment to the Board .
