15-013 9.2 Payment Bond.pdf
PDF 488 KB Posted
- Solicitation number
- 26002818
- Issued by
- Mason County, Texas
About this file
This Payment Bond document is associated with the Midland International Air & Space Port Beautification Project (Project #900476-505) in Midland, Texas, and is executed between the City of Midland as Obligee, a Principal contractor, and a Surety entity. The payment bond serves as a financial guarantee for the project, which involves furnishing materials and labor for the airport beautification initiative along with miscellaneous and appurtenant work. The bond structure establishes the Principal and Surety as jointly and severally liable for ensuring payment to all claimants, laborers, and material suppliers involved in the contract execution.
The bond specifies that the Surety waives notice of any contract modifications, time extensions, alterations, additions, or assignments and remains obligated regardless of such changes to the original contract terms, plans, specifications, or drawings. The document requires completion of signature blocks for both the Principal and Surety, approval notation by the City Attorney, and attachment of a Power of Attorney. This payment bond ensures contractor compliance with labor and material payment obligations throughout the duration of the Midland airport beautification project and protects claimants involved in the work.
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Text version
1909 West Wall Street, Suite K Midland, Texas 79701
P.O. Box 6040 Midland, Texas 79704 (Mailing Address) Office 432.262.0999 Fax 432.262.1475 www.maverick-eng.com
Project # 900476-505
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9.2 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
1909 West Wall Street, Suite K Midland, Texas 79701
P.O. Box 6040 Midland, Texas 79704 (Mailing Address) Office 432.262.0999 Fax 432.262.1475 www.maverick-eng.com
Project # 900476-505
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G this Bond, and it does waive notice of any such change, extension of 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
File details come from the government source that posted it. Updated .