the covering the performance of the Contract Price, including the requirements Contract, Contractor's with respect to the correction of deficiencies and the fulfillment of all warranties; and .2 a labour and material payment bond, in the form set out in the in an amount equal Contract Documents, to 100% of the covering payment for Contract Price, labour, or both. Product, 11.2.2 The shall, prior to the commencement of the Contractor provide to the performance bonds, in the form Work, Owner set out in the covering the performance Contract Documents, of the mechanical and electrical trade Contractor’s subcontracts (including the requirements with respect to correction of deficiencies and fulfillment of warranties under said subcontracts). The amount of the performance bonds shall be equal to 100% of the subcontracts for which the bonds are furnished. 11.2.3 The shall, prior to the commencement of the Contractor provide to the performance bonds, in the form Work, Owner set out in the covering the performance Contract Documents, of any of the trade subcontracts (including the Contractor’s requirements with respect to correction of deficiencies and fulfillment of warranties under said subcontracts) that are related to divisions that exceed 20% of the value of the The amount of the performance bonds shall Contract Price. be equal to 100% of the subcontracts for which the bonds are furnished. 11.2.4 The bonds referred to in paragraphs 11.2.1, 11.2.2 and 11.2.3 shall be issued by a duly licensed surety company authorized to transact the business of suretyship in the province or territory of the and shall be maintained in Place of the Work good standing until the fulfillment of the Contract. 11.2.5 If approved changes pursuant to the result in Contract approved increase or cumulative increases to the Contract the shall promptly acquire additional Price, Contractor bonding at the expense. Where additional bonding Owner’s premiums are paid for by the the shall Owner, Contractor promptly submit to the written confirmation that the Owner premiums were paid to the surety and promptly provide the with the original and revised performance bond(s). Owner
the Contract Price, covering the performance of the Contract, including the Contractor's requirements with respect to the correction of deficiencies and the fulfillment of all warranties; and .2 a labour and material payment bond, in the form set out in the Contract Documents, in an amount equal to 100% of the Contract Price, covering payment for labour, Product, or both. 11.2.2 The Contractor shall, prior to the commencement of the Work, provide to the Owner performance bonds, in the form set out in the Contract Documents, covering the performance of the Contractor’s mechanical and electrical trade subcontracts (including the requirements with respect to correction of deficiencies and fulfillment of warranties under said subcontracts). The amount of the performance bonds shall be equal to 100% of the subcontracts for which the bonds are furnished. 11.2.3 The Contractor shall, prior to the commencement of the Work, provide to the Owner performance bonds, in the form set out in the Contract Documents, covering the performance of any of the Contractor’s trade subcontracts (including the requirements with respect to correction of deficiencies and fulfillment of warranties under said subcontracts) that are related to divisions that exceed 20% of the value of the Contract Price. The amount of the performance bonds shall be equal to 100% of the subcontracts for which the bonds are furnished. 11.2.4 The bonds referred to in paragraphs 11.2.1, 11.2.2 and 11.2.3 shall be issued by a duly licensed surety company authorized to transact the business of suretyship in the province or territory of the Place of the Work and shall be maintained in good standing until the fulfillment of the Contract. 11.2.5 If approved changes pursuant to the Contract result in approved increase or cumulative increases to the Contract Price, the Contractor shall promptly acquire additional bonding at the Owner’s expense. Where additional bonding premiums are paid for by the Owner, the Contractor shall promptly submit to the Owner written confirmation that the premiums were paid to the surety and promptly provide the Owner with the original and revised performance bond(s).