Performance or Payment Bond Clause Samples

Performance or Payment Bond. The successful Bidder shall furnish a bond to the Board covering faithful performance of the contract arising out of that Bid and payment of obligations arising there under in an amount equal to one hundred percent (100%) of the full sum provided for under the contract and that bond shall be conditioned upon the faithful performance of that contract and shall remain in effect for the duration of the contract term. This requirement may be satisfied by the successful Bidder posting a bond, or by providing a letter of credit or a cashier's check in the amount specified. If a bond satisfies the requirement, the surety for such bond shall be a surety company authorized to do business in the State of Ohio.
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Related to Performance or Payment Bond

  • 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 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 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 Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.