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 against Contractor’s Default as well as Contractor’s full performance of its obligations hereunder.

Performance Bond means a surety bond which guarantees that the Contractor will fully perform the Contract and guarantees against breach of contract.

Examples of Performance Bond in a sentence

• Contractor shall, within ten (10) days of the execution of this Agreement by the Common Council of the City of Sheboygan, provide the City with a Performance Bond and a Payment Bond in the amount of one hundred percent (100%) of the contract amount.

• If required by law or otherwise specifically requested by City in Exhibit “D” attached hereto and incorporated herein by reference, Contractor shall execute and provide to City concurrently with this Agreement a Performance Bond in the amount of the total, not-to-exceed compensation indicated in this Agreement, and in a form provided or approved by the City.

• Failure by Contractor to perform the work in a timely or satisfactory fashion may result in forfeiture of Contractor’s Performance Bond.

• Whenever the contract award amount exceeds $100,000, the Construction Manager shall provide to the Owner, a 100% Performance Bond and a 100% Labor and Material Payment Bond, meeting the requirements of Section 255.05, F.S., on forms approved by the Owner, each in an amount not less than the total construction cost as defined in Article 9 and inclusive of the Construction Manager's fees.

• The form of the aforementioned Performance Bond shall be in accordance with AIA Document A312, 2010 Edition.

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 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;

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 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 Initial Performance Bond and any Replacement Performance Bond, which in each case, shall comply with the requirements of paragraph 4.2 of Schedule 12 (Financial Covenants and Bonds);

Performance Bond is defined in Section 2.2.2.