Performance Bond definition
Examples of Performance Bond in a sentence
The compensation to the CM to cover all costs incurred by the CM to provide and maintain: the required Standard Performance Bond and Standard Labor and Material Payment Bond; all insurance coverages required by the Contract Documents or by law, including but not limited to commercial general liability, professional liability, umbrella or excess, builder’s risk, and worker’s compensation; all federal, state and local business, income and license taxes.
If Payment and Performance Bonds are required for this Subcontract as indicated below with an “X”, then the Subcontractor shall within ten (10) days of the date of commencement or Notice to Proceed, deliver to the Contractor a Performance Bond and Labor and Material Payment Bond for the full amount of the Subcontract Sum or as acceptable to the Contractor.
The Performance Bond shall remain in full force and effect through the warranty period, as specified in Section 19 below.
The Contractor shall furnish a Performance Bond and a Payment Bond in favor of the City each in an amount equal to one-hundred Percent (100%) of the Agreement amount.
The Construction Manager shall post a Payment and Performance Bond in the amount of the GMP, in a form provided and approved by the Owner.