13-00620 Payment Bond.pdf
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- Solicitation number
- IFB 3617-9
- Issued by
- Maricopa County, Arizona
About this file
This is a statutory payment bond document template pursuant to Arizona Revised Statutes Section 41-2574, required for the Mesa Community College new veterinary technology and sustainable horticulture building project in Arizona. The payment bond serves as a guarantee that the principal contractor will promptly pay all monies due to laborers, material suppliers, and subcontractors engaged in the performance of the construction work. The bond amount must equal 100 percent of the total contract value, and the document outlines the obligations of the principal and surety through a formal binding agreement that includes provisions for the obligee's recourse.
The bond establishes that all rights and remedies are determined in accordance with A.R.S. 41-2574, with the prevailing party in any lawsuit entitled to recover reasonable attorney's fees as fixed by a judge. This template requires completion with specific information including the principal contractor's name, the surety's corporate details and jurisdiction of organization, the obligee's identity, the bond penalty amount, and the contract execution date. The bond document must be executed by authorized representatives of both the principal and surety with appropriate seals and notarization, and must identify the agency of record and its address.
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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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