Common use of 9a PERFORMANCE AND PAYMENT BONDS -- CONSTRUCTION Clause in Contracts

9a PERFORMANCE AND PAYMENT BONDS -- CONSTRUCTION. (a) Unless the price of this Agreement is $100,000 or less, the successful offeror must furnish performance and payment bonds to the Company as follows: (1) Performance Bonds (either the Company form available at ▇▇▇.▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇.▇▇▇ or Standard Form 25, modified to name the Company as well as the United States of America as an obligee)): The penal amount shall be 100 percent of the original Agreement price. (2) Payment Bonds (either the Company form available at ▇▇▇.▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇.▇▇▇ or Standard Form 25-A, modified to name the Company as well as the United States of America as an obligee): The penal amount shall be 100 percent of the original Agreement price. (i) The Company may require additional performance and payment bond protection if the price is increased. The increase in protection shall generally equal 100 percent of the increase in price. (ii) The Company may secure the additional protection by directing the Seller to increase the penal amount of the existing bond or to obtain an additional bond. (b) The Seller shall furnish all executed bonds, including any necessary reinsurance agreements, to the Company within the time specified in the solicitation, but in any event before starting work. (c) The bonds shall be in the form of firm commitment, supported by corporate sureties whose names appear on the list contained in Treasury Department Circular 570, individual sureties, or by other acceptable security such as postal money order, certified check, cashier's check, irrevocable letter of credit, or, in accordance with Treasury Department regulations, certain bonds or notes of the United States. Treasury Circular 570 is available at fttp://▇▇▇.▇▇▇▇▇.▇▇▇/▇▇▇▇/▇▇▇▇.▇▇▇▇.

9a PERFORMANCE AND PAYMENT BONDS -- CONSTRUCTION. (a) Unless the price of this Agreement is $100,000 or less, the successful offeror must furnish performance and payment bonds to the Company as follows: (1) Performance Bonds (either the Company form available at ▇▇▇.▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇.▇▇▇ or Standard Form 25, modified to name the Company as well as the United States of America as an obligee)): The penal amount shall be 100 percent of the original Agreement price. (2) Payment Bonds (either the Company form available at ▇▇▇.▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇.▇▇▇ or Standard Form 25-A, modified to name the Company as well as the United States of America as an obligee): The penal amount shall be 100 percent of the original Agreement price. (i) The Company may require additional performance and payment bond protection if the price is increased. The increase in protection shall generally equal 100 percent of the increase in price. (ii) The Company may secure the additional protection by directing the Seller to increase the penal amount of the existing bond or to obtain an additional bond. (b) The Seller shall furnish all executed bonds, including any necessary reinsurance agreements, to the Company within the time specified in the solicitation, but in any event before starting work. (c) The bonds shall be in the form of firm commitment, supported by corporate sureties whose names appear on the list contained in Treasury Department Circular 570, individual sureties, or by other acceptable security such as postal money order, certified check, cashier's check, irrevocable letter of credit, or, in accordance with Treasury Department regulations, certain bonds or notes of the United States. Treasury Circular 570 is available at fttp://▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇▇/c570/▇▇▇▇/▇▇▇▇c570.html.▇▇▇▇.