Courthouse Square Agreements (compiled notebook)

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price. The Recipient may secure additional protection by directing the Contractor penal amount of the existmg bond or to obtain an additional bond. ~' (c) A payment bond is required only when a performance bond is required, an payment bond is in the Recipient's interest. (d) When it is determined that a payment bond is required, the Contractor shall be re payment bonds as follows: 1. The penal amount of payment bonds shall equaL• I, i (i) Fifty percent of the contract price if the contract price is not more than $1 million; I (ii) Forty percent of the contract price if the contract price is more than $1 million $S million; or (iii) Two and one half million if the contract price is increased. Advance Payment Bonding Requirements The Contractor may be required to obtain an advance payment bond if the contr advance payment provision and a performance bond is not furnished. The Recipient the amount of the advance payment bond necessary to protect the Recipient. I requires such bonding after execution of the Contract, then Recipient will pay the re~ the bond premium. Patent Infringement Bonding Requirements (Patent Indemnity) to increase the if the use of to obtain not more than :t contains an iall determine the Recipient ~nable cost of The Contractor may be required to obtain a patent indemnity bond if a performa ce bond is not furnished and the ~nancial responsibility of the Contractor is unknown or doubtful The Recipient % shall determine the amount of the patent indemnity to protect the Recipient. If the R ipient requires such bonding after execution of the Contract, then Recipient will pay the reasonable ost of the bond premium. Warranty of the Work and Maintenance Bonds (Construction Contracts) 1. The Contractor warrants to Recipient, the Architect and/or Engineer that all materials and equipment furnished under this Contract will be of highest quality and new unless oth rwise specified by Recipient, free from faults and defects and in conformance with the Contract Docu ents. All work not so confornung to these sta~dards shall be considered defective. If required by th Recipient, the Contractor shall furnish satisfactory evidence as to the kind and quality of materials d equipment. 2. The Work furnished must be of first quality and the workmanship must be the be the various trades. The Work must be of safe, substantial and durable construction in , Contractor hereby guarantees the Work against defective materials or faulty wor minimum period of one (1) year after Final Payment by Recipient and shall replac defective materials or equipment or faulty workmanship during the period of the guaz to Recipient. As additional security for these guarantees, the Contractor shall, prior I Final Payment, furnish separate Maintenance (or Guarantee) Bonds in form acceptal written by the same corporate surety that provides the Performance Bond and Lab Payment Bond for this Contract. These bonds shall secure the Contractor's obligatic repair defective materials and faulty workmanship for a minimum period of one (1) Payment and shall be written in an amount equal to ONE HUNDRED PERCEN"I CONTRACT SUM, as adjusted (if at all). ~t obtainable in ll respects. The manship for a : or repair any ntee at no cost ~ the release of le to Recipient ~r and Material n to replace or ~ear after Final (100%) of the Addendum, FTA Contract Requirements ~ Page - 13 0718970102