Performance Bond and Payment Bond definition

Performance Bond and Payment Bond means a performance bond and a payment bond with regard to the General Construction Contract in the full amount of the guaranteed maximum price thereof, with a good and sufficient surety, in compliance with all applicable Governmental Requirements, in compliance with Florida Statutes Section 713.23 and otherwise in form and content Approved by the City Manager, or such other security as is reasonably acceptable to the City Manager, after consultation with the City Attorney. City Manager hereby Approves the form substantially as attached hereto as Exhibit “T,” which approval is for the City’s own benefit in its proprietary capacity as the owner of the Land and shall not be deemed to mean, and the City, in such proprietary capacity, makes no representation that, such bond complies with Florida Statutes Section 713.23.
Sample 1

Examples of Performance Bond and Payment Bond in a sentence

  • The successful bidder will be required to furnish a Performance Bond and Payment Bond, on or before the issuance of Notice to Proceed, each in the amount of 100% of the Contract Amount.

  • The Bidder must forfeit Bid security after Award if the Bidder fails to execute the Contract and promptly return it with any required Performance Bond and Payment Bond and with any required proof of insurance (see enclosed sample contract for amount requirements).

  • See Article 35, Performance Bond and Payment Bond, and Article 42, Guarantee.

  • The person, firm, or corporation that executes as surety Developer’s Performance Bond and Payment Bond, and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.

  • When the Contract reaches the maximum allowed amount before expiration, as the results of emergency repairs or unforeseen urgent maintenance or restoration, the amended increases will be effective only after COUNTY accepts CONTRACTOR’s additional bonds (Performance Bond and Payment Bond) to cover 100 percent of the increased amount.

  • The Surety of the Bid Bond, Performance Bond, and Payment Bond shall be a surety company authorized to do business in the State of Georgia, shall be listed in the Department of the Treasury Circular 570, and shall have an underwriting limitation in excess of 100% of the bid amount.

  • Any proposal that is in excess of $50,000.00, if awarded, will be required to provide 100 percent (100%) of the contract amount coverage in Performance Bond and Payment Bond as required by Public Act 1963, No. 213.

  • I acknowledge and accept that a Performance Bond and Payment Bond will be required upon award of contract for those companies selecting the Level 2 - $25,000 and Level 3 - $50,000 thresholds.

  • The quantities given in the Schedule of Items of the Bid Package will be used as the basis for determining the original Contract amount and for determining the amounts of the required Performance Surety Bond and Payment Surety Bond, and that the amount of this offer is _ $_ Performance Bond and Payment Bond each being100% of the amount of this Contract.

  • The Contractor agrees that before it undertakes performance of this Contract, it will file with the City of Vancouver a Contract Performance Bond and Payment Bond, in the forms prescribed by the City of Vancouver, in the full amount of the Contract price executed by itself as principal and by a surety company authorized to do business in the State of Washington as surety.

Related to Performance Bond and Payment Bond

  • Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;

  • Payment Bond is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.

  • Bond Payment Date means any date on which principal of or interest on any Bond is payable.

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Series 2020 Bonds means the West Virginia Hospital Finance Authority Refunding Revenue Bonds (Thomas Health System, Inc.), Series 2020 A to be issued as a combination of tax-exempt and taxable non-rated fixed rate bonds by the Issuer, subject to its authority and discretion, in the aggregate principal amount of $60,100,000, to (i) refund and retire the Series 2008 Bonds at a discount to the current par amount outstanding, (ii) fund a debt service reserve fund for the Series 2020 Bonds, (iii) fund the Operating Reserve Fund, if necessary, as described in Article IV.C.1 of the Plan and (iv) finance costs of issuance of the Series 2020 Bonds.

  • Monthly Redemption Amount means, as to a Monthly Redemption, $______, plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder in respect of this Debenture.

  • Senior Bonds means all Bonds issued as Senior Bonds in compliance with the provisions of the Indenture.

  • Maturity Payment Date means the date falling on the fifth Business Day following the Valuation Date, provided, however, that if the Reference Portfolio Return is not determined on such Valuation Date because the date at which the Reference Asset Return of one or more Reference Assets to be determined is postponed, then the Maturity Payment Date will be the fifth Business Day following the latest of such postponed dates at which the Reference Portfolio Return is determined; in each case where the Maturity Payment Date is so postponed, there will be no interest or other compensation made in respect of any such delay.

  • Final Redemption Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Interest Payment Amount With respect to each outstanding Class of Notes and any Payment Date, the Interest Accrual Amount for such Class of Notes, less any Modification Loss Amount for such Payment Date allocated to reduce the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(f) hereof, or plus any Modification Gain Amount for such Payment Date allocated to increase the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(g) hereof.

  • Performance Bank Guarantee means the irrevocable unconditional bank guarantee to be submitted by the successful bidder as per the RfS.

  • Replacement Bonds means Bonds issued to the Beneficial Owners of the Bonds in accordance with Section 210 hereof.

  • Fronting Fee shall have the meaning provided in Section 4.1(c).

  • Party A Payment Dates Each Quarterly Interest Payment Date from and including the Quarterly Interest Payment Date falling in {circle} 2004 up to the Termination Date and the Termination Date.

  • Remarketing Fee has the meaning specified in Section 5.4(b)(i).

  • Final Redemption Value means the Underlying Reference Value.

  • Monthly Redemption Date means the 1st of each month, commencing immediately upon the nine month anniversary of the Original Issue Date and terminating upon the full redemption of this Debenture.

  • Series 2021 Bonds means, collectively, the Series 2021A Bonds and the Series 2021B Bonds.

  • Extended Interest Payment Period shall have the meaning set forth in Section 4.1.

  • Early Redemption Amount (Tax) means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Optional Redemption Pricing Date means a Valuation Date on which a Redemption Order is determined to be valid and accepted by or on behalf of the Issuer in accordance with the terms of the LS Operating Procedures Agreement.

  • Outstanding Bonds means any Bonds not redeemed or otherwise discharged.

  • Special Payment Date means each Distribution Date with respect to the Early Amortization Period.

  • SPS Redemption Valuation Date means the Settlement Price Date.

  • Quarterly Payment Date means the last Business Day of each March, June, September and December.

  • Quarterly Payment Dates means each March 31, June 30, September 30 and December 31.