Common use of Alternate Form of Security Clause in Contracts

Alternate Form of Security. In lieu of a Performance Bond and a Payment Bond, Contractor may furnish alternate forms of security which may be in the form of cash, money order, certified check, cashier’s check or unconditional letter of credit in Form 00735 attached hereto as Form 8. Such alternate forms of security shall be subject to the approval of County and for same purpose and shall be subject to the same conditions as those applicable above and shall be held by County for one year after Final Completion and acceptance of the Work by County.

Alternate Form of Security. In lieu of a Performance Bond and a Payment Bond, Contractor may furnish alternate forms of security which may be in the form of cash, money order, certified check, cashier’s check or unconditional letter of credit in Form 00735 attached hereto as Form 8. Exhibit O. Such alternate forms of security shall be subject to the approval of County and for same purpose and shall be subject to the same conditions as those applicable above and shall be held by County for one year after Final Completion and acceptance throughout the term of the Work by CountyAgreement and for a period of six (6) months following the expiration or earlier termination of this Agreement.