Attachment_M_-_Cash_Deposit_for_Performance_Guarantee.docx
DOCX document 17 KB Posted
- Attached to
- Passenger Flow Management Solution and Services State and local contract opportunity
- Solicitation number
- RFP 26-0285
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
This is a Cash Deposit for Performance Guarantee attachment related to a seven-year passenger flow management solution and services contract with the City of Phoenix Aviation Department at Phoenix Sky Harbor International Airport, commencing January 1, 2027. The attachment establishes the framework for contractors to provide a cash deposit as security for faithful performance and payment obligations under the related agreement or permit. The cash deposit is required to equal six months of payments under the contract, with the amount to be determined and inserted at execution. The City reserves the right to increase the performance guarantee amount upon at least thirty days' prior written notice if deemed necessary during the contract term.
The City may utilize the performance guarantee to cover any amounts owed, defaults, or losses resulting from contractor non-performance, with no obligation to pay interest on commingled funds. Should the City apply any portion of the deposit, the contractor must restore it to its original amount within ten business days of written demand, with failure to do so constituting a material breach. Upon the contractor's full and faithful performance and expiration of the agreement, the City will return the performance guarantee or any remaining balance within a reasonable time, provided the City may retain the deposit until all amounts due from the contractor have been determined and paid in full.
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Text version
ATTACHMENT M
CASH DEPOSIT FOR PERFORMANCE GUARANTEE
| To: | City of Phoenix – Beneficiary |
| Aviation Department | |
| Technology Division | |
| 2485 East Buckeye Road | |
| Phoenix, Arizona 85034-4405 | |
| Attn: Deputy Aviation Director |
| Tenant: | Contractor Full Legal Name ______________ | |
| Address 1 | ||
| Address 2 | ||
| City, State, Zip |
Date: [Insert Date]
Amount: [Insert Amount]
As required by [Agreement No. TBD – dated ] or [Permit No. ______], [Insert Contractor Full Legal Name (_____)] is providing a cash deposit to the City of Phoenix (City) as security for the faithful performance by [Insert Contractor Name] to secure payment of all amounts owed by [Contractor Name] to City and its performance of other obligations under the [Agreement No. TBD – dated ] or [Permit No. ______]. [Insert Contractor Name]’s cash deposit is for the initial amount of (Insert Printed Dollar Amount) (Insert Numerical Dollar Amount), representing six months of payments under its [Agreement No. TBD – dated ] or [Permit No. ______].
The amount of this performance guarantee established as of the date of the [Agreement No. TBD – dated ] or [Permit No. ______] may become inadequate during the [Agreement No. TBD – dated ] or [Permit No. ______]term and [Insert Contractor Name]’s agrees that it will increase the amount as the City may reasonably prescribe from time to time on at least thirty (30) days prior written notice to [Insert Contractor Name]. The City may commingle the performance guarantee with the City’s other funds and City shall have no obligation to pay or account to [Insert Contractor Name] for any interest that may be earned on the performance guarantee.
If [Insert Contractor Name]defaults with respect to any provision of the [Agreement No. TBD – dated ] or [Permit No. ______], including but not limited to the provisions relating to payment of all amounts owed by [Insert Contractor Name] to City, the City may use, apply or retain all or any part of the performance guarantee for the payment of any amounts owed to the City or any other sum in default, or for the payment of any other amount which the City may spend or become obligated to spend by reason of the [Insert Contractor Name]’s default or to compensate the City for any other loss which the City may suffer by reason of the [Insert Contractor Name]’s default. If any portion of the performance guarantee is so used or applied, [Insert Contractor Name] shall, within ten (10) business days after written demand from the City, deposit with the City cash in an amount sufficient to restore the performance guarantee to its original amount, and [Insert Contractor Name]’s failure to do so shall be a material breach of the [Agreement No. TBD – dated ] or [Permit No. ______].
If [Insert Contractor Name] fully and faithfully performs every provision of the Agreement No. TBD – dated ] or [Permit No. ______] to be performed by it, the performance guarantee or any balance thereof shall be returned to [Insert Contractor Name]’s within a reasonable time after the expiration of the [Lease No. TBD – dated ] or [Permit No. ______], provided, however, that the City may retain the performance guarantee until such time as any amount due from [Insert Contractor Name] under the [Agreement No. TBD – dated ] or [Permit No. ______] has been determined and paid in full.
AGREED AND ACCEPTED:
By:
[Insert Contractor Full Legal Name]
Title:
Name:
Date:
File details come from the government source that posted it. Updated .