PERFORMANCE AND PAYMENT BOND (REQUIRED Sample Clauses

The Performance and Payment Bond clause requires contractors to provide a financial guarantee, typically in the form of a bond, ensuring that they will complete the project as agreed and pay all associated subcontractors, laborers, and suppliers. In practice, this means the contractor must secure a bond from a surety company before work begins, which protects the project owner from losses if the contractor defaults or fails to pay for labor and materials. This clause primarily functions to safeguard the owner against financial risk and ensure that all parties involved in the project are compensated, thereby promoting project completion and financial responsibility.
PERFORMANCE AND PAYMENT BOND (REQUIRED. IF CHECKED ☐) Contractor shall furnish, concurrently with signing the contract, a Performance & Payment Bond for a sum not less than 100 percent (100%) of the total amount of the contract. The bond shall be in the form of a bond and not a deposit in lieu of a bond. The bond shall be executed by an admitted surety insurer. The bond shall guarantee payment by Contractor of all materials, provisions, provender, supplies, and equipment used in, upon, for, or about the performance of said construction, and protect MCE from any liability, losses, or damages arising therefrom.
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PERFORMANCE AND PAYMENT BOND (REQUIRED. The Developer or its Contractor shall furnish to City a performance and payment bond with a good and sufficient surety in the amount of the bid plus any positive change orders which may be approved through the term of the project. Such bond shall guarantee the payment of any and all materials, incorporated, consumed or used in connection with construction of such work, all insurance premiums, and for all labor performed in such work whether by subcontractor or otherwise. Such bond shall also guarantee the work as specified in the plans, specifications and this Agreement.
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Related to PERFORMANCE AND PAYMENT BOND (REQUIRED

  • 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.

  • PERFORMANCE AND PAYMENT BONDS FOR INDIVIDUAL ORDERS H-GAC’s contractual requirements DO NOT include a Performance & Payment Bond (PPB); therefore, Contractor shall offer pricing that reflects this cost savings. Contractor shall remain prepared to offer a PPB to cover any order if so requested by the END USER. Contractor shall quote a price to END USER for provision of any requested PPB, and agrees to furnish the PPB within ten business (10) days of receipt of END USER's purchase order.

  • Compensation and Payment 3.1 Consultant’s fees shall be calculated at the rates set forth in the attached Exhibit A. The Maximum Compensation for the performance of Services within the Scope of Services described in Exhibit A is ten thousand five hundred eighty-five dollars and no/100 ($10,585.00) as set forth in Exhibit A. In no case shall the amount paid by County under this Agreement exceed the Maximum Compensation without a written agreement executed by the parties. 3.2 All performance of the Scope of Services by Consultant including any changes in the Scope of Services and revision of work satisfactorily performed will be performed only when approved in advance and authorized by County. 3.3 County will pay Consultant based on the following procedures: Upon completion of the tasks identified in the Scope of Services, Consultant shall submit to County staff person designated by the County Engineer, one (1) electronic (pdf) copy of the invoice showing the amounts due for services performed in a form acceptable to County. County shall review such invoices and approve them within 30 calendar days with such modifications as are consistent with this Agreement and forward same to the Auditor for processing. County shall pay each such approved invoice within thirty (30) calendar days. County reserves the right to withhold payment pending verification of satisfactory work performed.