Examples of Subcontractor Default Insurance in a sentence
If the Contractor does not have a Subcontractor Default Insurance policy to utilize at the Project, the Contractor shall provide Payment and Performance Bonds in the amount of 100% of the full contract value.
During any period of construction of the Improvements, the Contractor shall either maintain Subcontractor Default Insurance for all subcontractors with contract values greater than $500,000 (other than Xxxxxxxx Xxxxx & Tile) with limits of no less than $50,000,000 per claim and $100,000,000 in the aggregate and include a “Financial Interest Endorsement” naming Lender as insured party.
If a subcontractor (which is not a Major Subcontractor and other than Xxxxxxxx Xxxxx & Tile) is not eligible for coverage under the Subcontractor Default Insurance, such subcontractor will be required to provide Payment and Performance Bonds acceptable to Lender.
Subject to the next following sentence, the Subcontractor Default Insurance for all subcontractors (including, without limitation, all Major Subcontractors but excluding Xxxxxxxx Xxxxx & Tile) shall have been delivered to and approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed) and shall remain in full force and effect in accordance with Section 5.1(d).
Notwithstanding the foregoing, if any subcontractor (other than Xxxxxxxx Xxxxx & Tile) does not qualify for Subcontractor Default Insurance, a Payment and Performance Bond shall be obtained.
Lender shall have received and approved (which approval shall not be unreasonably withheld, conditioned or delayed) a Payment and Performance Bond for each subcontractor (other than Xxxxxxxx Xxxxx & Tile) which does not qualify for Subcontractor Default Insurance.