1-10. Attachment I - Bond - Payment.pdf
PDF 34 KB Posted
- Solicitation number
- BVB 415-26 SEC
- Issued by
- Nueces County, Texas
About this file
This is a Payment Bond document for the City of Amarillo related to the Osage Water Treatment Plant (WTP) Settling Basin Repairs Phase 02 - West Basin project in Texas. The payment bond is a standard requirement for public construction projects and serves as a guarantee that all laborers, material suppliers, and other service providers will be paid for their contributions to the project. The bond ensures that contractors and subcontractors fulfill their payment obligations to workers and vendors throughout the duration of the construction work.
The payment bond requires the contractor to obtain coverage equal to 100 percent of the contract price, which protects all parties supplying labor, materials, or services to the project. This bond is a prerequisite for contract execution and must remain in force for the entire duration of the project, including any warranty or remedial work periods. The bond protects the City of Amarillo and project beneficiaries by establishing a financial guarantee that payment obligations will be met, reducing the risk of liens or claims against the project. The specific bond amount and detailed terms would be determined based on the final contract price established through the competitive bidding process for the settling basin repair work.
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Text version
PAYMENT BOND
THE STATE OF TEXAS
COUNTY OF
KNOW ALL MEN BY THESE PRESENTS, that we _____________________________________________ a_
______________________ of ___________________________ hereinafter called Principal, and __________
_______________________ , a corporation organized under the laws of ___________ hereinafter called Surety, are held and firmly bound unto the City of Amarillo, a municipal corporation, chartered by virtue of the constitution and laws of the State of Texas, hereinafter called Obligee, in the amount of ___________________ dollars($ ______ ) for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has entered into a certain written contract with the Obligee, dated the ________ of.
_____________ ,____ , to ___________________ which contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall pay all claimants supplying labor and material to him or a subcontractor in the prosecution of the work provided for in said contract, then, this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Chapter 2253 of the Texas
Government Code as amended and all liabilities on this bond shall be determined in accordance with the provisions of said chapter to the same extent as if it were copied at length herein.
IN WITNESS WHEREOF ______________________ , Principal has caused these presents to be executed by its authorized attorney in fact and the said _____________________ , Surety, has caused these presents to be executed by its ___________ , this ___ day of __________ , A.D., ______ .
ATTEST
PRINCIPAL
By
(Principal Seal) Address
ATTEST
SURETY
By
(Surety Seal) Address
NOTE: DO NOT DATE THE BOND
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