Performance Bond or Letter of Credit Sample Clauses

Performance Bond or Letter of Credit. The Contractor shall furnish a performance bond for the faithful performance of this Agreement, such bond to be substantially in the form attached as Exhibit 4, to be executed by a responsible surety company and to be in the penal sum equal to one-fifth (1/5) of the estimated amount of the Contractor's total compensation for the first year of this Agreement, and for each year thereafter to be in the penal sum of one-fifth (1/5) of the revenue earned by the Contractor for the preceding year under this Agreement. Such performance bond shall be furnished annually by the Contractor for the following contract year, and shall indemnify the District against any loss resulting from any failure of performance by the Contractor. The initial bond shall be posted on or before the date that the Contractor commences providing Services to the District and bond shall be posted within sixty (60) days of the anniversary of the date on which the Contractor commenced provision of Services pursuant to this Agreement.

Performance Bond or Letter of Credit. The Contractor shall furnish a performance bond for the faithful performance of this agreement, such bond to be substantially in the form attached as Exhibit D, to be executed by a responsible surety company and to be in the penal sum of $500,000. Such performance bond shall be furnished annually by the Contractor for the following contract year, and shall indemnify the Municipality against any loss resulting from any failure of performance by the Contractor. The initial bond shall be posted on or before the date that the Contractor commences providing Services to the Municipality and bond shall be posted within thirty (30) days of the anniversary of the date on which the Contractor commenced provision of Services pursuant to this agreement.

Performance Bond or Letter of Credit. Licensee shall, as a material condition of its License Agreement, and prior to the commencement of any Construction and Maintenance, deliver to the City a performance bond or irrevocable letter of credit in the amount of $50,000, payable to the City to ensure the appropriate and timely performance of Construction and Maintenance and compliance with the obligations of its License. The required performance bond or irrevocable letter of credit must be with good and sufficient sureties, issued by a surety company authorized to transact business in the State of Delaware, and satisfactory to the City Solicitor in form and substance, and must be maintained until all obligations to City under this License (including obligations to remove) are satisfied. The License, or control of the License or of Facilities within the Public Right-of-Way may not be assigned or transferred directly or indirectly by any means without the prior written consent of City which consent shall not be unreasonably withheld, conditioned or delayed; if Licensee is in compliance with this Agreement and provided, that the transfer or assignment does not create any additional burden upon the Public Right-of-Way, or adversely affect the City’s interests under this Agreement and License. An assignee or transferee must accept all obligations of the Licensee, and responsibility for all acts and omissions of License known and unknown, if the transaction results in a change in Licensee. Notwithstanding the foregoing, to allow for internal restructuring, Licensee shall have the right to assign this License and all rights and obligations accorded Licensee to a wholly-owned subsidiary or a parent entity of Licensee (each, a "Permitted Assignee") without the prior written consent of City, provided that the change is not part of a transaction that results in a change of control of the ultimate parent of Licensee as of the Effective Date, or an assignment or assets to an entity that is not under the control and ownership of the entity that is the ultimate parent of Licensee as of the Effective Date. In the event Licensee assigns his License to a Permitted Assignee, Licensee shall provide the City with written notice of such assignment within thirty (30) days of such assignment, and the assignee must, by that date, agree to be bound by this Agreement, to accept responsibility for all acts and omissions of the Licensee known and unknown. Licensee may mortgage, pledge, or hypothecate its interest in Facilitie...

Performance Bond or Letter of Credit a. Prior to the Closing, Developer shall obtain, and shall require each of its general contractors to obtain, one or more surety bonds, acceptable to the City, that guarantee the faithful performance of this Agreement for, in the aggregate, the anticipated full value of the completed Minimum Improvements and that further guarantees the prompt payment of all materials and labor. Specifically, such surety bond shall guarantee 100% performance, and labor and materials payment for the Minimum Improvements in a form reasonably acceptable to the City, to assure completion of the Minimum Improvements. The surety bond(s) shall remain in effect until construction of the Minimum Improvements are completed. The bonds shall clearly specify the Developer and City as joint obligees. If the Developer fails to construct the Minimum Improvements by August 30, 2017 (with the exception of Unavoidable Delays), or by such other date as the parties shall mutually agree upon in writing, such failure shall constitute an Event of Default under Section 10.1 and the City may exercise all of its rights under Section 10.2, and shall immediately pursue all necessary actions against the surety for the Minimum Improvements and shall use its best efforts to urge the surety to complete construction of the Minimum Improvements. The Developer shall assist the City's efforts. If the surety for the Minimum Improvements elects to advance funds to the City in lieu of completing the construction, then upon receipt of such funds, the City may complete or cause to be completed construction of the Minimum Improvements. If the surety for the Minimum Improvements fails for any reason or is insufficient to complete the Minimum Improvements, the City reserves the right to finance the shortfall of the costs to complete the Minimum Improvements through various financing avenues, including but not limited to, special assessments. All Performance Bonds required by this Section shall be taken out and maintained in responsible companies selected by Developer, which are rated by A. M. Best as A (Excellent) FSC X or better and authorized under the laws of the State to assume the risks covered thereby. b. In lieu of the Performance Bond required in Section 6.11.a., Developer may obtain, and shall require each of its general contractors to obtain, and deliver to the City prior to Closing an irrevocable direct pay letter of credit, in a form acceptable to the City. i. The Letter of Credit shall be renewable annual...

Performance Bond or Letter of Credit. Developer or its Contractor shall furnish or cause to be furnished either a performance bond (“Performance Bond”) or irrevocable letter of credit acceptable to the City, as security for the faithful performance of all its obligations related to the construction of the Project. Any Performance Bond shall be in amounts equal to the amount of City Funds contributed to the Project and in such form and with such sureties as are licensed to conduct business in the State of New Mexico and are named in the current list of surety companies acceptable on federal bonds as published in the Federal Register by the Audit Staff of Accounts, U. S. Treasury Department. The Performance Bond shall also include coverage for any guaranty period provided by the Contractor. The surety on the Performance Bond shall furnish a waiver whereby it consents to the progress or partial payment to any Contractor of amounts for materials and acknowledges that such payment shall not preclude enforcement of such remedies as may be available against such surety by law or under this Agreement. Developer shall cause the City to be named as obligee on such bonds. If the surety on any bond furnished by Developer is declared bankrupt or becomes insolvent or its right to do business in the State of New Mexico is revoked, Developer shall substitute or cause to be substituted another bond and surety within ten (10) days thereafter. The Developer may furnish an irrevocable letter or letters of credit in form satisfactory to the City as an alternative to the performance bond specified above. Any such letter must be drawn against a New Mexico institution whose deposits are federally insured and shall be payable exclusively to the City on demand.

Performance Bond or Letter of Credit. Upon Contractor’s execution of this Contract, Contractor shall make, execute, and deliver to City a good and sufficient Performance Bond or Letter of Credit in a form approved by the Contract Administrator, to secure the full, complete and faithful performance of the terms and conditions herein. For the first Contract Year, Contractor shall make, execute, and deliver to City a good and sufficient Performance Bond or Letter of Credit in the amount equal to or greater than Contractor’s estimated amount of gross xxxxxxxx pursuant to this Contract from September 1, 2024, through August 31, 2025. For each Contract Year after the initial Contract Year, Contractor shall make, execute, and deliver to City a good and sufficient Performance Bond or Letter of Credit in the amount equal to or greater than the amount of gross xxxxxxxx pursuant to this Contract from September 1st through August 31st of the prior Contract Year. Contractor shall renew the Performance Bond or Letter of Credit in accordance with this Contract each year throughout the term of the Contract and any renewal periods. Contractor shall ensure the Performance Bond or Letter of Credit is signed by the president or authorized officer of Contractor, together with the signature of the corporate secretary and the imprint of the corporate seal. The surety shall be a surety company duly authorized to do business in the State, having an “A” or better rating by A.

Performance Bond or Letter of Credit. The Service Provider shall furnish a performance bond for the faithful performance of this Agreement, in a form acceptable to the City, to be executed by a responsible surety company and to be in the penal sum equal to one half (1/2) of the estimated amount of the Service Provider's total compensation for the first year of this Agreement. Such performance bond shall be furnished annually by the Service Provider for the following contract year, and shall indemnify the City against any loss resulting from any failure of performance by the Service Provider. The initial bond shall be posted on or before the date that the Service Provider commences providing Services to the City and bond shall be posted within thirty (30) days of the anniversary of the date on which the Service Provider commenced provision of Services pursuant to this Agreement.

Performance Bond or Letter of Credit. Contractor shall furnish a corporate surety bond as security for performance under this Franchise Agreement. The amount of the bond shall be $300,000. Premium for the above described bond shall be paid by the Contractor. A certificate from the surety showing that the bond premiums have been paid in full shall accompany the bond. The surety on the bond shall be a company authorized to do business in the State of California.The cost of the performance bond shall be the sole responsibility of Contractor. The performance bond shall be released upon the expiration of the term of this Agreement.

Performance Bond or Letter of Credit. To secure its obligations under the Agreement, the Contractor shall obtain and deliver on or before the date of execution of this Agreement, a performance bond in the sum of $500,000 underwritten by a firm licensed to do business in the State of California and having an A.M. Best rating of A or better in favor of the City and County of San Francisco and the San Francisco International Airport Commission (Airport). The Operator may substitute a letter of credit for review and approval by the Airport in the same amount and with the same requirements as the bond.

Performance Bond or Letter of Credit. Within 30 days following the Effective Date, Ting shall cause the issuance of, and make available for redemption by the City, as described in this subsection, a performance bond or irrevocable letter of credit, to the satisfaction of the City, in the amount of two million dollars ($2,000,000), which shall remain effective and updated throughout the Term. Ting shall immediately provide a copy of all related documents, and any updates to such documents made during the Term, to the City. The City shall have the right to redeem and collect on all or a portion of the bond or letter of credit in the event of a Default by Ting, upon presentation to the issuing bank or surety of a demand for payment accompanied by a certificate of default. The bond or letter of credit may be drawn upon to the extent necessary to effect a cure of Ting’s breach and/or to mitigate or offset damages cause thereby.