Design-Builder’s Performance and Payment Bonds Clause Samples

The Design-Builder’s Performance and Payment Bonds clause requires the design-builder to provide financial guarantees ensuring the completion of the project and payment to subcontractors and suppliers. Typically, this involves the design-builder obtaining bonds from a surety company, which will cover the project owner if the design-builder fails to fulfill contractual obligations or pay those involved in the project. This clause protects the project owner from financial loss due to non-performance or non-payment, thereby allocating risk and ensuring that all parties involved in the construction process are compensated as agreed.
Design-Builder’s Performance and Payment Bonds. Concurrently with execution of this Agreement, Design-Builder shall provide Owner the following Surety Bonds: (1) performance bond, and (2) payment bond. The performance and payment bonds shall use the AIA Document A312 form and the principal amount of each bond shall be one hundred percent (100%) of the Contract Sum plus Sales Tax. Bonds shall be duly executed by a responsible corporate surety (a) licensed as a surety and qualified to do business in the State of Washington; (b) in good standing on the list maintained by the United States Department of Treasury; and (c) having an A.M. Best rating of “A” or better. The costs for such bonds are included in the Contract Sum.
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Design-Builder’s Performance and Payment Bonds. Concurrently with execution of this Agreement, Design-Builder shall provide Owner the following Surety Bonds: (1) performance bond, (2) payment bond, and, if necessary, (3) maintenance bond. The performance and payment bonds shall use the AIA Document A312 form and the principal amount of each bond shall be one hundred percent (100%) of the Contract Sum plus Sales Tax. If the performance bond provides for a one-year warranty, a separate maintenance bond is not necessary. If the warranty period is for longer than one year, a maintenance bond equal to ten percent (10%) of the Contract Sum is required. Bonds shall be duly executed by a responsible corporate surety (a) licensed as a surety and qualified to do business in the State of Washington; (b) in good standing on the list maintained by the United States Department of Treasury; and (c) having an A.M. Best rating of “A” or better. The costs for such bonds are included in the Contract Sum.
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Design-Builder’s Performance and Payment Bonds. Concurrently with execution of this Agreement, Design-Builder shall provide Owner the following Surety Bonds: (1) performance bond, and
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Related to Design-Builder’s Performance and Payment Bonds

  • Performance and Payment Bonds The authority and responsibility for requesting performance and payment bonds shall rest with the Customer. Under this Contract, the Customer issuing the purchase order may request a performance and payment bond, as deemed necessary by the size of the job. Inability to provide a bond may result in the Contractor being found in default of the purchase order.

  • Performance and Payment Bond Contractor shall post with County, not later than ten (10) days of the execution of this Agreement, a performance and payment bond in the amount of one hundred percent (100%) of the total lump sum price in such form as is satisfactory to County. The bond shall be executed by a corporate surety company duly authorized and admitted to do business in the State of Texas and licensed to issue such a bond in the State of Texas.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Engineer Payment of Subproviders No later than ten (10) days after receiving payment from the State, the Engineer shall pay all subproviders for work performed under a subcontract authorized hereunder. The State may withhold all payments that have or may become due if the Engineer fails to comply with the ten-day payment requirement. The State may also suspend the work under this contract or any work authorization until subproviders are paid. This requirement also applies to all lower tier subproviders, and this provision must be incorporated into all subcontracts.

  • CONTRACTOR PERFORMANCE AUDIT The Contractor shall allow the Authorized User to assess Contractor’s performance by providing any materials requested in the Authorized User Agreement (e.g., page load times, response times, uptime, and fail over time). The Authorized User may perform this Contractor performance audit with a third party at its discretion, at the Authorized User’s expense. The Contractor shall perform an independent audit of its Data Centers, at least annually, at Contractor expense. The Contractor will provide a data owner facing audit report upon request by the Authorized User. The Contractor shall identify any confidential, trade secret, or proprietary information in accordance with Appendix B, Section 9(a), Confidential/Trade Secret Materials.