Insurance and Performance Bonds Sample Clauses

The 'Insurance and Performance Bonds' clause requires parties, typically contractors, to obtain and maintain specific insurance policies and performance bonds as a condition of their contractual obligations. This clause outlines the types and minimum amounts of insurance coverage—such as general liability, workers’ compensation, or property insurance—and details the requirements for performance bonds that guarantee the completion of the work or compensation for non-performance. Its core function is to protect the interests of the project owner by ensuring financial security and risk mitigation in the event of accidents, damages, or contractor default.
Insurance and Performance Bonds. 3.13.1 Attached as SCHEDULE 3.13.1 is a complete list of all insurance policies maintained by the Company, including the name of the insurer, the amount and nature of the coverage, the amount of the premium and the term of the policy. All such policies are in full force and effect and the premiums therefor are currently paid. 3.13.2 Attached as SCHEDULE 3.13.2 is a complete list of all performance bonds given by the Company, including the name of the issuer and beneficiary and the amount of each bond. Except as disclosed in SCHEDULE 3.13.2, no party has collected under or made any claim against any performance bond of the Company or assessed any liquidated damage against the Company during the last five years.
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Insurance and Performance Bonds. (a) In using the Public Rights of Way for the operation of a fiber optic network, KFN acknowledges that it will obtain and maintain insurance coverage, at its sole cost and expense, with financially reputable insurers that are licensed to do business in the State of Kansas. Should KFN elect to use the services of an affiliated captive insurance company for this purpose, KFN shall obtain and possess a certificate of authority from the Kansas Insurance Commissioner. KFN shall provide, at a minimum, the following insurance: (i) Worker’s compensation as provided for under any workers’ compensation or similar law in the jurisdiction where any work is performed with an employers’ liability limit equal to the amount required by law. (ii) Commercial general liability, including coverage for contractual liability and products completed operations liability on an occurrence basis and not a claims made basis, with a limit of not less than Two Million Dollars ($2,000,000.00) combined single limit per occurrence for bodily injury, personal injury, and property damage liability. The City shall be included as an additional insured with respect to liability arising from KFN’s operations under this License Agreement. (b) As an alternative to the requirements of Section 13(a), supra, KFN may demonstrate to the satisfaction of the City that it is self-insured and that it has the wherewithal to provide coverage in an amount no less than One Million Dollars ($1,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) in aggregate to protect the City from and against all claims by an person for loss or damage from death, personal injury, bodily injury, or property damage occasioned by KFN or so alleged to have been caused or to have occurred. (c) KFN shall, as a material condition of this License Agreement, prior to the commencement of any work, deliver to the City a certificate of insurance or evidence of self-insurance evidencing that the above insurance is in force and will not be cancelled or materially changed with respect to areas and entities covered without first giving the City thirty (30) days prior written notice. KFN shall make available to the City, on request, the policy declarations page and a certified copy of the policy in effect so that limitations and exclusions can be evaluated for appropriateness of overall coverage. (d) KFN or KFN’s contractor shall, prior to commencing any construction of KFN’s Facilities in a Public Right of Way, post a payment...
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Insurance and Performance Bonds. (a) Prior to the commencement of construction of the Development, Tenant shall furnish to Landlord an “All Risk Builder's Risk Completed Value Form” for the full completed insurable value of the Leased Premises and in form satisfactory to any mortgage lien holders secured against the Leased Premises. (b) During the Term, Tenant shall obtain and maintain at its sole expense a comprehensive general liability insurance policy(ies) insuring against the risk of loss resulting from accidents or occurrences on or about or in connection with, the development, construction, and operation of the Development, or in connection with, or related to, this Lease. (c) Prior to the commencement of construction of the Development, Tenant shall furnish a certificate to Landlord from an insurance company(ies) naming Landlord as an additional insured under insurance policy(ies) obtained by Tenant as required by this Lease and confirming that Tenant and the general contractor of the Development are covered by public liability, automobile liability, and workers’ compensation insurance policies satisfactory to Landlord. (d) ▇▇▇▇▇▇ agrees to cooperate with Landlord in obtaining the benefits of any insurance or other proceeds lawfully or equitably payable to Landlord in connection with this Lease. (e) The “All Risk Builder's Risk Completed Value Form” policy with respect to the Leased Premises shall be converted to an “all risk” or comprehensive insurance policy upon completion of the Development, naming Landlord as an additional insured thereunder and shall insure the Leased Premises in an amount not less than the full replacement value of Development on the Leased Premises. Tenant hereby agrees that all insurance proceeds from the All Risk Builder Risk Completed Value Form policy (or if converted, the “all risk” or comprehensive policy) shall be used to restore, replace or rebuild the Development. (f) If the Leased Premises are located in a federally designated flood plain, an acceptable flood insurance policy shall also be delivered by Tenant to Landlord, providing coverage in the maximum amount reasonably necessary to insure against the risk of loss from damage to the Leased Premises caused by a flood. (g) Neither Landlord, nor Tenant, shall be liable to the other (or to any insurance company insuring the other party), for payment of losses insured by insurance policies benefitting the party suffering such loss or damage, even though such loss or damage might have been caused by...
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Insurance and Performance Bonds. (a) Hereunder, RG acknowledges that it will obtain and maintain insurance coverage, at its sole cost and expense, with financially reputable insurers (i) Worker’s compensation as provided for under any workers’ compensation or similar law in the jurisdiction where any work is performed with an employers’ liability limit equal to the amount required by law. (ii) Commercial general liability, including coverage for contractual liability and products completed operations liability on an occurrence basis and not a claims made basis, with a limit of not less than Two Million Dollars ($2,000,000.00) combined single limit per occurrence for bodily injury, personal injury, and property damage liability. The City shall be included as an additional insured with respect to liability arising from RG’s operations under this License Agreement. (b) As an alternative to the requirements of Section 15(a), supra, RG may demonstrate to the satisfaction of the City that it is self-insured and that it has the wherewithal to provide coverage in an amount no less than One Million Dollars ($1,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) in aggregate to protect the City from and against all claims by an person for loss or damage from death, personal injury, bodily injury, or property damage occasioned by RG or so alleged to have been caused or to have occurred. (c) RG shall, as a material condition of this License Agreement, prior to the commencement of any work, deliver to the City a certificate of insurance or evidence of self-insurance evidencing that the above insurance is in force and will not be cancelled or materially changed with respect to areas and entities covered without first giving the City thirty (30) days prior written notice. RG shall make available to the City, on request, the policy declarations page and a certified copy of the policy in effect so that limitations and exclusions can be evaluated for appropriateness of overall coverage. (d) RG or RG’s contractor shall, prior to commencing any construction of RG’s Facilities in a Public Right of Way, post a payment bond, not to exceed
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Related to Insurance and Performance Bonds

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or ▇▇▇▇▇▇.▇▇▇. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Guaranty of Payment and Performance Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

  • Payment and Performance The Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. The Borrower will cause each other Loan Party to observe, perform and comply with every such term, covenant and condition in any Loan Document.

  • Payment and Performance of Obligations Pay and perform all material Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; except to the extent that IPT or the Borrower is contesting any item described in clauses (a) or (b) of this Section 7.5 in good faith and is maintaining adequate reserves with respect thereto in accordance with GAAP.