Common use of Design-Builder’s Performance and Payment Bonds Clause in Contracts

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.

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.for

Design-Builder’s Performance and Payment Bonds. A. Concurrently with execution the addition of this Agreementconstruction to the Contract, Design-Builder shall provide Owner Owner/DES the following Surety Bonds: : (1) performance bond, and 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 Taxstate 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.

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. The bonds shall be provided when construction funding is available.