PERFORMANCE AND BID BONDS Sample Clauses

The PERFORMANCE AND BID BONDS clause requires contractors to provide financial guarantees, typically in the form of bonds, to ensure they will fulfill their contractual obligations and submit serious bids. In practice, a bid bond assures the project owner that the bidder will enter into the contract if selected, while a performance bond guarantees the completion of the project according to the agreed terms. This clause protects the project owner from financial loss if the contractor fails to perform or backs out after winning the bid, thereby allocating risk and promoting reliability in the contracting process.
PERFORMANCE AND BID BONDS. There are no bonds required for the Contract. In accordance with Appendix B §45 Performance/Bid Bond, the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the initial term, or any renewal term, for the resulting Contract.
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PERFORMANCE AND BID BONDS. Whenever a bid bond or performance bond is required, the bidder may meet the requirement by submitting an acceptable cashier's check, certified check, banker's check or an irrevocable letter of credit in the amount required. Whenever a performance bond is required, the successful bidder shall keep all provisions and requirements of the bond up-to-date throughout the term of the contract.
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PERFORMANCE AND BID BONDS. There are no BONDS for this contract. In accordance with Appendix B, Clause 58 “Performance/Bid Bond,” the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the Initial Term, or any renewal term, for this Contract. I. General Provisions A. OGS is required to implement the provisions of New York State Executive Law Article 15-A and 5 NYCRR Parts 142-144 (“MWBE Regulations”) for all State contracts as defined therein, with a value (1) in excess of $25,000 for labor, services, equipment, materials, or any combination of the foregoing or (2) in excess of $100,000 for real property renovations and construction. B. The Contractor agrees, in addition to any other nondiscrimination provision of the Contract and at no additional cost to OGS, to fully comply and cooperate with OGS in the implementation of New York State Executive Law Article 15-A. These requirements include equal employment opportunities for minority group members and women (“EEO”) and contracting opportunities for New York State Certified minority and women-owned business enterprises (“MWBEs”). Contractor’s demonstration of “good faith efforts” pursuant to 5 NYCRR §142.8 shall be a part of these requirements. These provisions shall be deemed supplementary to, and not in lieu of, the nondiscrimination provisions required by New York State Executive Law Article 15 (the “Human Rights Law”) or other applicable federal, state or local laws. C. Failure to comply with all of the requirements herein may result in a finding of non-responsiveness, non-responsibility and/or a breach of contract, leading to the withholding of funds, suspension or termination of the Contract or such other actions or enforcement proceedings as allowed by the Contract.
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PERFORMANCE AND BID BONDS. The Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the Contract term.
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PERFORMANCE AND BID BONDS. There are no bonds for this Contract. The Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract is required, however the Authorized Users may require bonds in its specific Mini-Bid Project Definition.
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PERFORMANCE AND BID BONDS. ‌ There are no bonds for this Contract. However, an Authorized User may require in an RFQ a performance bond, payment bond, Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance for the resulting Authorized User Agreement.
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PERFORMANCE AND BID BONDS. There are no bonds for this Centralized Contract. In accordance with Appendix B, Clause 58 “Performance/Bid Bond,” the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Centralized Contract shall be required at any time during the Initial Term, or any renewal term, for this Centralized Contract. The Parties reserve the right to amend this clause when consulting services or technical services are added to the scope of contract.
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PERFORMANCE AND BID BONDS. A. All bidders will be required to submit a bid bond for 5 percent of the total amount of the bid. B. A Performance and Payment Bond, in an amount not less than 100. percent of the contract amount will be required and provided within
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PERFORMANCE AND BID BONDS. There are no BONDS for this Contract. The Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the Initial Term, or any renewal term, for this Contract. Nothing herein shall prohibit an Authorized User from requiring a performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of a Statement of Work.
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Related to PERFORMANCE AND BID BONDS

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

  • 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 Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Annual Performance Review The Employee’s performance of his duties under this Agreement shall be reviewed by the Board of Directors or a committee of the Board of Directors at least annually and finalized within thirty (30) days of the receipt of the annual audited financial statements. The Board of Directors or a committee of the Board of Directors shall additionally review the base salary, bonus and benefits provided to the Employee under this Agreement and may, in their discretion, adjust the same, as outlined in Addendum B of this Agreement, provided, however, that Employee’s annual base salary shall not be less than the base salary set forth in Section 4(A) hereof.