Performance Bond definition
Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;
Performance Bond means a surety bond which guarantees that the Contractor will fully perform the Contract and guarantees against breach of contract.
Performance Bond means a surety bond which guarantees against Contractor’s Default as well as Contractor’s full performance of its obligations hereunder.
Examples of Performance Bond in a sentence
The following provisions apply only to Public Works projects: (a) Payment Bond and Performance Bond: when such bonds are required by the Contract Documents, Bonds will be obtained for the portion of the Work performed onsite prior to acceptance of Equipment, and for the portion of Work involving the dismantle and removal of leased Equipment, when required.
The performance Security shall be valid until a date 28 day from the Completion Date of the Contract in case of a bank guarantee, and until one year from the Completion Date of the Contract in the case of a Performance Bond.
More Definitions of Performance Bond
Performance Bond means the approved form of security furnished by the Contractor and Contractor's Surety as a guarantee of good faith on the part of the Contractor to execute the work that is the Contractor's obligation, in accordance with the terms of the Contract.
Performance Bond. A bond in an amount at least equal to one hundred percent (100%) of Contract Price as security for faithful performance of this Contract.
Performance Bond means a contract of guaranty executed subsequent to award by a successful bidder to protect the state from loss due to contractor inability to complete a contract.
Performance Bond means the guarantee described in Sub-Clause 2.19 [Performance Bond], which delivery shall be procured by the successful Tenderer.
Performance Bond means the performance bond to be provided to the Secretary of State in the form set out in Appendix 1 (Form of Performance Bond) to Schedule 12 (Financial Obligations and Covenants), as replaced or amended from time to time in accordance with Schedule 12 (Financial Obligations and Covenants);
Performance Bond means a surety bond, collateral bond, self-bond, deposit, a bond issued under the state surface mining and reclamation bond fund, any alternative form of security approved by the commission, or combination thereof, by which a permittee assures faithful performance of all requirements of this chapter.
Performance Bond. A bond in the amount of the Contract executed by a corporate surety in accordance with all Texas Law, including but not limited to, Chapter 2253 of the Texas Government Code and Chapter 3503 of the Texas Insurance Code, for public works projects as security furnished by the CONTRACTOR and his sureties soley for the protection of the Owner, conditioned on the faithful performance of the Contract Work in accordance with the plans, specification, and Contract Documents.