10-014 Payment Bond.pdf
PDF 79 KB Posted
- Solicitation number
- 27000017
- Issued by
- Mason County, Texas
About this file
This is a Payment Bond document associated with a Texas utility improvement project for Golf Course Drive and Midkiff Road at Andrews Highway. The bond secures the contractor's obligation to pay all laborers, materialmen, and suppliers involved in the project. The document establishes the legal framework for performance guarantees and payment assurances required for the construction work, which encompasses furnishing materials and labor for utility improvements along with miscellaneous and appurtenant work in the project area.
The payment bond serves as a financial guarantee mechanism ensuring that all parties providing labor, materials, and services to the project receive payment as required by contract terms. This bond protects subcontractors, laborers, and suppliers from non-payment and establishes the bonding company's liability for fulfilling payment obligations if the primary contractor defaults. The bond amount and specific terms would be tied to the total contract value of the utility improvement project, providing financial protection throughout the construction period and ensuring project completion without financial complications for project participants.
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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 Golf Course Dr. & Midkiff Rd. At Andrews Hwy. Utility Improvements , 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 September 2026 payment bond
File details come from the government source that posted it. Updated .