10-009 Payment Bond.pdf
PDF 89 KB Posted
- Solicitation number
- 27001447
- Issued by
- Mason County, Texas
About this file
This is a Payment Bond form issued by the City of Midland, Texas, for the FY 2027 Asphalt Maltene Rejuvenating Agent Project serving the Transportation Division throughout the City of Midland. The bond document establishes a binding financial guarantee between a principal contractor, surety company, and the City of Midland as obligee. The bond ensures that all claimants, including suppliers and subcontractors, will be paid for labor and materials provided in the execution of the contract work. The specific contract amount, principal contractor name, surety details, and execution dates are left blank as this is a template form.
The Payment Bond stipulates that the surety waives notice of any changes, extensions of time, alterations, additions to contract terms, or assignments of the contract, thereby maintaining full obligation regardless of such modifications. The bond remains in full force until all labor and material payments are satisfied according to the contract terms. This form was approved as to format by the City Attorney and requires attachment of a Power of Attorney form. The document was revised in August 2012 and serves as the standard payment protection instrument for City of Midland construction and service contracts.
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Text version
PayB 1
PAYMENT BOND
THE STATE OF TEXAS §
COUNTY OF MIDLAND § SURETY NO
KNOW ALL MEN BY THESE PRESENTS, THAT
of the City of of the County of and State of Texas as Principal, and , as Surety, are held and firmly bound unto the City of Midland, Texas, as Obligee, in the amount of
DOLLARS
($ ) for the payment whereof the said Principal and Surety bind themselves, 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 day of , 20 , for the furnishing of materials, equipment to perform all labor and work necessary for , hereof as fully and to the same extent as if copied at length herein.
NOW, THEREFORE, the condition of the obligation is 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 null and void; otherwise, it is to remain in full force and effect.
Surety, for value received, stipulates and agrees that no change, extension of time alteration or addition to the terms of the contract, or to the work performed there under, or the plans, specifications of drawings accompanying the same, or any assignment of the contract as may be provided for in the instructions to bidders, shall in anywise affect its obligation on this Bond, and it does waive notice of any such change, extension of
PayB 2 time, alteration or addition to the terms of the contract, assignment thereof, or to the work to be performed there under.
IN WITNESS WHEREOF the said Principal and Surety have signed and sealed this instrument, this day of , 20 .
Principal Surety
By By
Address Address
APPROVED AS TO FORM:
City Attorney
NOTE: Attach Power of Attorney
Form Revised August 2012
File details come from the government source that posted it. Updated .