Penal Sum Clause Samples

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Penal Sum. The Progressive Contractor shall maintain the payment and performance obligations of the Surety Bonds in full force and effect until issuance of the Notice of Final Acceptance. The Surety Bonds shall list the Department as an obligee and shall be provided by a qualified surety. The Surety Bonds shall be provided by an Eligible Surety. If any Surety Bond becomes ineffective, or if the Surety that provided the Surety Bond no longer is an Eligible Surety, the Progressive Contractor shall, within seven days after such event, deliver to the Department a replacement bond in the required form issued by an Eligible Surety, or other assurance satisfactory to the Department, in its sole discretion. All appointments of attorneys-in-fact shall contain a provision that the appointment will not be revoked without giving the Department notice in writing at least 30 Days prior to the effective date of the revocation. More than one surety may execute a Surety Bond to meet the requirements of this 28.2, and, in such event when two or more sureties are provided on such bond, each surety shall be liable and obligated for the full amount required. The Department reserves the right to copy the Surety on all of its communications with the Progressive Contractor concerning the Progressive Contractor’s performance, or performance deficiencies, on the Project.
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Penal Sum. The Performance Bond shall be in the --------- amount and provide a penalty of one hundred percent (100%) of the cost of the improvements to be constructed as such cost shall be determined by the Developer. The Payment Bond shall be in the amount and provide a penalty of one hundred percent (100%) of the valuation of the improvements to be constructed.
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Penal Sum. The amount in which a bond is issued is called the “penal sum,” or the “penalty amount,” of the bond.
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Penal Sum. ‌ During the Preconstruction Phase, the penal sum of the performance bond and payment bond of the Surety Bonds shall be $[ ].00 [NTD: this figure should correspond to 7% of the estimated total Project design cost]. Prior to commencement of any Construction Work pursuant to a Pricing Package Amendment, the Progressive Contractor shall provide substitute performance and payment Surety Bonds with a penal sum in the amount of the Pricing Package GMP plus the amount of the initial Surety Bonds and all prior Pricing Package Amendment’s Pricing Package GMPs. As condition precedent to each Pricing Package Amendment, the Progressive Contractor shall increase the penal sum of the performance and payment Surety Bonds by the amount of the Pricing Package GMP by providing a rider to the Surety Bonds in a form approved by the Department.
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Penal Sum. Penal Sum," as used in this Agreement, shall mean the sum of the Fees plus the estimated cost to install and warrant the Improvements, as such Fees and costs are set forth under the "RECITALS" of this Agreement.
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Penal Sum. The most We will pay as the Penal Sum is the applicable limit, as shown below: Limit for Property: USD 71,000.00 (seventy-one thousand dollars) in any one Year Sublimit: Malicious Tenant Damage: USD 10,000.00 (ten thousand dollars) in any one Year Sublimit: Eviction Expenses USD 1,500.00 (one thousand five hundred dollars) in any one Year Date Date Pensio Risk Management Corp. Rentalis Insurance Company, Inc. ▇▇▇ ▇▇▇▇▇▇▇▇, Director ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Managing Director Authorized Signatory of Surety Rentalis Corporate Stamp Words and phrases that appear in boldface are defined on page 1 or in Section II., Definitions, of this Bond. In consideration of the payment of the Principal’s Fees by You and reliance upon all statements made and information provided by You to the Surety, subject to the limitations, conditions, provisions, and other terms of this Bond, it is agreed as follows: If the Principal complies with the Lease Co-Guarantee Agreement's terms, the Surety shall have no obligation under this Bond.
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Related to Penal Sum

  • Late Charge If a payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment.

  • Overdue Charges If any invoiced amount is not received by Us by the due date, then without limiting Our rights or remedies, (a) those charges may accrue late interest at the rate of 1.5% of the outstanding balance per month, or the maximum rate permitted by law, whichever is lower, and/or (b) We may condition future subscription renewals and Order Forms on payment terms shorter than those specified in Section 6.2 (Invoicing and Payment).

  • Interest and Late Charges If Tenant fails to pay when due any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease, the unpaid amounts shall bear interest at the maximum rate then allowed by law. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within ten (10) days from the date it is due, Tenant shall pay Landlord a late charge equal to ten percent (10%) of such installment. Landlord and Tenant agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant's default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

  • Late Charges Lessee hereby acknowledges that late payment by Lessee to Lessor of rent and other sums due hereunder will cause Lessor to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Lessor by the terms of any ground lease, mortgage or deed of trust covering the Premises. Accordingly, if any installment of rent or other sum due from Lessee shall not be received by Lessor or Lessor's designee within ten (10) days after such amount shall be due, then, without any requirement for notice to Lessee, Lessee shall pay to Lessor a late charge equal to six percent (6%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Lessor will incur by reason of late payment by Lessee. Acceptance of such late charge by Lessor shall in no event constitute a waiver of Lessee's Default or Breach with respect to such overdue amount, nor prevent Lessor from exercising any of the other rights and remedies granted hereunder. In the event that a late charge is payable hereunder, whether or not collected, for three (3) consecutive installments of Base Rent, then notwithstanding Paragraph 4.1 or any other provision of this Lease to the contrary, Base Rent shall, at Lessor's option, become due and payable quarterly in advance.

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.