1-St George Cemetery Plaza PAYMENT BOND.docx

This is a Payment Bond form for the St. George Cemetery Plaza construction project (Inquiry No. 26-298) issued by the City of St. George, Utah. The bond serves as a guarantee that the principal contractor will promptly pay all subcontractors, material suppliers, laborers, and other entities providing services or materials for the project. The bond amount is to be determined and filled in by the contractor, and the surety company must be authorized to conduct business in Utah and appear on the U.S. Treasury Department's current list of approved sureties (Circular 570). The document outlines the contractor's obligation to pay for all materials, equipment, repairs, insurance premiums, and labor costs associated with the construction work, with the surety agreeing that any changes, extensions, or alterations to the contract will not affect its bond obligations.

The payment bond is a requirement for the St. George Cemetery Plaza project, which also mandates 100% payment and performance bonds as stated in the related Invitation for Bid. Bidders must provide a bid bond equal to 5% of their bid amount, and all bonds must be issued by surety companies licensed to operate in Utah and use bond forms acceptable to the City of St. George. The payment bond protects all beneficiaries, including subcontractors and material suppliers, ensuring their claims remain valid even after final settlement between the city and contractor. The bond is executed in counterparts and must be dated no earlier than the associated construction contract date.