Common use of Alternate Form of Security Clause in Contracts

Alternate Form of Security. In lieu of a payment bond and a performance bond in the amount of any contract between City and a contractor, and in lieu of a demolition bond, pursuant to Section 255.05, Fla. Stat., City may furnish or caused to be furnished to the Authority an alternate form of security in the form of cash, a money order, a certified check, a cashier’s check, an irrevocable letter of credit, or security of a type listed in Part II of Chapter 625, Fla. Stat., in the amount of the underlying contract (or the estimated demolition cost in the case of the demolition bond). Any such alternative form of security shall be for the same purpose and be subject to the same conditions as those applicable to the bond for which the alternative form of security is being substituted. The determination of the value of an alternative form of security shall be reasonably made by the Authority.

Alternate Form of Security. In lieu of a payment bond and a performance bond in the amount of any contract between City Rail Company and a contractor, and in lieu of a demolition bond, pursuant to Section 255.05, Fla. Stat., City Rail Company may furnish or caused to be furnished to the Authority an alternate form of security in the form of cash, a money order, a certified check, a cashier’s check, an irrevocable letter of credit, or security of a type listed in Part II of Chapter 625, Fla. Stat., in the amount of the underlying contract (or the estimated demolition cost in the case of the demolition bond). Any such alternative form of security shall be for the same purpose and be subject to the same conditions as those applicable to the bond for which the alternative form of security is being substituted. The determination of the value of an alternative form of security shall be reasonably made by the Authority.

Alternate Form of Security. In lieu of a payment bond and a performance bond in the amount of any contract between City Rail Company and a contractorContractor, and in lieu of a demolition bond, pursuant to Section 255.05, Fla. Stat., City Rail Company may furnish or caused to be furnished to the Authority an alternate form of security in the form of cash, a money order, a certified check, a cashier’s check, an irrevocable letter of credit, or security of a type listed in Part II of Chapter 625, Fla. Stat., in the amount of the underlying contract (or the estimated demolition cost in the case of the demolition bond). Any such alternative form of security shall be for the same purpose and be subject to the same conditions as those applicable to the bond for which the alternative form of security is being substituted. The determination of the value of an alternative form of security shall be reasonably made by the Authority.