11-00620 Payment Bond.pdf
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- Solicitation number
- IFB 3599-9
- Issued by
- Maricopa County, Arizona
About this file
This is a Payment Bond form required under Arizona Revised Statutes Section 41-2574 for the Mesa Community College Building 50 Roof Replacement project in Arizona. The bond serves as a statutory requirement to ensure prompt payment to all laborers, material suppliers, and subcontractors involved in the roof replacement work. The project scope includes removal and replacement of multiple roof sections with a new multi-ply SBS roofing system, insulation installation, flashing upgrades, drainage improvements, and coating application, along with associated roofing and mechanical adjustments. The bond excludes work performed directly for the owner, including geotechnical reports, materials testing, hazardous materials testing and abatement, structured cabling, audio-visual systems, and building security systems, which will be procured through separate direct-to-owner contracts.
The payment bond penalty must equal 100 percent of the total contract amount. The bond binds the principal contractor and surety jointly and severally to the obligee (the college) for payment of all monies owed to workers and suppliers. All rights and remedies under the bond are determined in accordance with Arizona Revised Statutes Title 41, Chapter 2574, with the prevailing party in any lawsuit entitled to recover reasonable attorneys' fees as fixed by a judge of the court. The bond requires execution with signatures and seals from both the principal and surety, along with the agency of record information.
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Text version
PAYMENT BOND 00620-1
SECTION 00620 - PAYMENT BOND
(Sample)
STATUTORY PAYMENT BOND PURSUANT TO A.R.S. 41-2574
(Penalty of this bond must be 100% of the Contract Amount.)
KNOWN ALL MEN BY THESE PRESENTS:
That, (hereinafter called Principal), as Principal, and
, a corporation organized and existing under the laws of the
State of , with its principal office in the City of , (hereinafter called the
Surety), as Surety, are held and firmly bound unto (hereinafter called the 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 day of , 20 , to which contract is hereby referred to and made a part hereof as fully and to the same extent as if copies at length herein.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if said Principal shall promptly pay all monies due to all persons, supply labor or materials to him or his subcontractors in the prosecution of the work provided for in and said contract, then this obligation shall be void, otherwise to remain in full force and effect;
PROVIDE, HOWEVER, that this bond having been required of the said Principal in order to comply with the provisions of A.R.S. 41-2574, all rights and remedies on this bond shall insure solely to such persons and shall be determined in accordance with the provisions, conditions, and limitations of said Title, Chapter, and Article, to the same extent as if they were copied at length herein.
The prevailing party in a suit on this bond shall recover as a part of his judgement such reasonable attorneys' fees as may be fixed by a judge of the Court.
Witness our hands this day of ,20 .
Principal Seal
By:
Surety Seal
By:
Agency of Record
Agency Addres
END OF SECTION 00620
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