9c PROSPECTIVE SUBCONTRACTOR REQUESTS FOR BONDS Sample Clauses

The "Prospective Subcontractor Requests for Bonds" clause establishes the process by which potential subcontractors can request performance or payment bonds before being awarded a subcontract. Typically, this clause outlines the conditions under which such requests must be made, such as requiring written notice or specifying the timeframe for submitting a bond request. By setting clear procedures, the clause ensures that both the contractor and subcontractors understand their obligations regarding bonding, thereby reducing misunderstandings and helping to allocate risk related to subcontractor performance and payment.
9c PROSPECTIVE SUBCONTRACTOR REQUESTS FOR BONDS. Upon the request of a prospective subcontractor or supplier offering to furnish labor or material for the performance of this Agreement for which a payment bond has been furnished, the Seller shall promptly provide a copy of such payment bond to the requester. 1. 9d ALTERNATIVE PAYMENT PROTECTIONS (Applicable for Agreements between $25,000 and $100,000) (a) The Seller shall submit one of the following payment protections: (1) A payment bond (either the Company form available under the title Special Articles and Forms or Exhibits at ▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇/adm/contracts/documents.shtml or Standard Form 25-A, modified to name the Company as well as the United States of America as an obligee); or (2) An irrevocable letter of credit. (b) The amount of the payment protection shall be 100 percent of the Agreement price. (c) The payment protection must be submitted within ten days of award of the Agreement. (d) The payment protection shall provide protection for the Agreement’s period of performance plus one year.
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Related to 9c PROSPECTIVE SUBCONTRACTOR REQUESTS FOR BONDS

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