Surety Companies definition
Examples of Surety Companies in a sentence
This additional procedural guidance may be contained in the Annual Letter to Ex- ecutive Heads of Surety Companies ref- erenced in § 223.9, the Treasury ▇▇▇▇▇- cial Manual, or other Treasury publica- tion or correspondence.
In addition, the Contractor in each NET region shall obtain and maintain for each contract period a payment bond issued by a surety company that is listed in the Federal Registry of Surety Companies in the amount of $750,000 Federal Registry of Surety Companies Circular #570 Department of Treasury Surety Section ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇.▇.
The Contractor in each NET region shall obtain and maintain for each contract period a performance bond issued by a surety company that is listed in the Federal Registry of Surety Companies in the amount of $250,000.
It is expressly agreed that, as provided in Section 5 to the Initial Surety Bond (and the corresponding section in any Substitute Surety Bond), the payment by the Surety Companies of their respective Commitment Percentage of the amount demanded in accordance with this Section 5.04 shall, as to such Surety Company, constitute satisfaction in full of all of its obligations under the Surety Bond.
The Seller and Enron acknowledge that payment shall be made by the Surety Companies in strict compliance with their respective obligations under the Surety Bond (including Section 4 of the Initial Surety Bond or the equivalent provision in any Substitute Surety Bond) and agree not to dispute prior to payment any payment by the Surety Companies in compliance with the Surety Bond.
Notwithstanding the foregoing, in no event shall the Purchaser have the right to demand or receive, collectively, from the Surety Companies and drawing under the irrevocable performance letter of credit or cash collateral, any amount in excess of such unpaid amount of the Termination Payment.
If at any time a surety on any such bond is declared a bankrupt or loses its right to do business in the state in which the work is to be performed or is removed from the list of Surety Companies accepted on Federal Bonds, the Trade Contractor shall within ten (10) days after notice from the Owner to do so, substitute an acceptable bond (or bonds) in such form and sum and signed by such other surety or sureties as may be satisfactory to the Owner.
Surety Companies executing the Contract Bonds must also appear on the U.S. Treasury Department's most current list of "Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies" as published in Circular 570 (Amended) by the Audit Staff Bureau of Accounts.
Such premium shall begin to accrue on the 31st Business Day after the Seller's receipt of the request specified above and shall be payable monthly in arrears on each Payment Date thereafter so long as (A) the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- rating by Standard & Poor's Ratings Group or such rating remains withdrawn, and (B) the Seller has not otherwise satisfied the obligations of Section 5.04(b)(i), (ii), (iii) or (iv).
The attention of the Surety Companies and Principal executing this Labor and Materials ▇▇▇▇ is directed to the fact that said Bond shall remain in full effect throughout the life of any guaranty or warranty periods stipulated in the Contract Documents and/or Agreement.