Common use of Component Change Order Clause in Contracts

Component Change Order. (a) In the case of the initial Component Change Order, payment and performance bonds furnished by the CMR in conformance with and in the form set forth in the Contract Documents designating the CMR as the principal obligor and the Owner as the obligee, in an amount of the Change Order Sum covering the Work under that Component Change Order and, in the case of subsequent Component Change Orders, an endorsement to such bonds increasing the aggregate amount of the bonds to an amount equal to the aggregate of the Change Order Sums of all Component Change Orders to this Contract. If in connection with a Component Change Order, the CMR has furnished payment and performance bonds in the amount approved by the Board as the reasonably expected aggregate amount of the Change Order Sums of that and any prior Component Change Order and all subsequent Component Change Orders and covering all such Work, then upon entry of a subsequent Component Change Order, no additional endorsement to payment or performance bonds shall be required provided that the aggregate amount of the Change Order Sums of all Component Change Orders does not exceed the penal sum of each bond. However, the Board may require written confirmation from the surety that the outstanding bonds cover the Work under a subsequent Component Change Order. No election or failure of the Board to request such confirmation shall affect the rights of the board or there under the existing bonds covering such Work. (b) As an alternative, the initial payment and performance bonds may be obtained with the penal amount set as the sum of the total CMR fees plus the total estimated construction cost at the time of the initial Component Change Order.

Component Change Order. (a) In the case of the initial Component Change Order, payment and performance bonds perfor- ▇▇▇▇▇ ▇▇▇▇▇ furnished by the CMR Construction Manager in conformance with and in the form set forth in the Contract Documents designating the CMR Construction Manager as the principal obligor and the Owner as the obligee, in an amount of the Change Order Sum Sum, covering the Work under that Component Change Order and, and in the case of subsequent Component Change Orders, Orders an endorsement to such bonds increasing the aggregate amount of the bonds to an amount equal to the aggregate of the Change Order Sums of all Component Change Orders to this ContractAgreement. If If, in connection with a Component Change Order, the CMR Construction Manager has furnished payment and performance bonds in the amount approved by the Board Owner as the reasonably expected aggregate amount of the Change Order Sums of that and any prior Component Change Order and all subsequent Component Change Orders and covering all such Work, then upon entry of a subsequent Component Change Order, no additional endorsement to payment or performance bonds shall be required provided that the aggregate amount of the Change Order Sums of all Component Change Orders does not exceed the penal sum of each bond. However, the Board Owner may require written confirmation from of the surety that the outstanding bonds cover the Work under a subsequent Component Change Order. No election or failure of the Board Owner to request such confirmation shall affect the rights of the board Owner or there others under the existing bonds covering such Work. (b) As an alternative, the initial payment and performance bonds may be obtained with the penal amount set as the sum of the total CMR fees plus the total estimated construction cost at the time of the initial Component Change Order.