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 the form attached hereto as Form 00735. Such alternate forms of security shall be subject to the prior approval of Village and for same purpose and shall be subject to the same conditions as those applicable above and shall be held by Village for five years after completion and acceptance of the Work.

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 the form attached hereto as Form 00735. Such alternate forms of security shall be subject to the prior approval of Village and for same purpose and shall be subject to the same conditions as those applicable above and shall be held by Village for five years one year after completion and acceptance of the Work.