Performance and Project Bonds Clause Samples

Performance and Project Bonds. At the time of executing this contract, PURCHASER must deposit with the STATE One Thousand Dollars ($1,000.00) for the Performance Bond and there is no Project Bond in the form of a cashier’s check, money order, time certificate of deposit (with automatic renewal) in the State’s name in trust for the purchaser, or surety made payable to the STATE. Bonding must conform to 11 AAC 71.095. If cash is used for the Bonding it will be placed by the State in a separate state account and all interest on the Performance Deposit shall accrue to the benefit of STATE. If PURCHASER is in default under this Contract and has received notice of such default from the STATE, but has failed to cure such default, the STATE may apply said Bond to pay for the performance of the default obligation and any of the STATE’s expenses or damages incurred as a result of PURCHASER’s default. PURCHASER shall remain liable for any deficiency that remains after application of the Performance or Project Bond to any amount owed and within ten (10) days of STATE’s said application, PURCHASER must deposit that sum of money necessary to maintain a Performance Bond of One Thousand Dollars ($1,000.00), and there is no Project Bond.
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Performance and Project Bonds. At the time of executing this contract, PURCHASER must deposit with the STATE Twenty-Two Thousand Four Hundred Dollars ($22,400.00) for the Performance Bond and there is no the Project Bond in the form of a cashier’s check, money order, time certificate of deposit (with automatic renewal) in the State’s name in trust for the purchaser, or surety made payable to the STATE. Bonding must conform to 11 AAC 71.095. If cash is used for the Bonding it will be placed by the State in a separate state account and all interest on the Performance Deposit shall accrue to the benefit of STATE. If PURCHASER is in default under this Contract and has received notice of such default from the STATE, but has failed to cure such default, the STATE may apply said Bond to pay for the performance of the default obligation and any of the STATE’s expenses or damages incurred as a result of PURCHASER’s default. PURCHASER shall remain liable for any deficiency that remains after application of the Performance or Project Bond to any amount owed and within ten (10) days of STATE’s said application, PURCHASER must deposit that sum of money necessary to maintain a Twenty-Two Thousand Four Hundred Dollars ($22,400.00) for the Performance Bond and there is no the Project Bond.
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Related to Performance and Project Bonds

  • 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.

  • 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.

  • 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.

  • Project Goals The schedule, budget, physical, technical and other objectives for the Project shall be defined.

  • Performance Reports None Specified