15-016 Payment Bond.pdf
PDF 77 KB Posted
- Attached to
- 26001315 U25-08 WRP 02 Project Manual
- Solicitation number
- 26001315
- Issued by
- Mason County, Texas
About this file
This document is a Payment Bond for the City of Midland, Texas, related to the Water Rehab Program 02. The bond serves as a legal instrument ensuring that the Principal (the contractor) will pay all claimants supplying labor and materials for the project. The bond is designed to protect the Obligee (the City of Midland) by guaranteeing that subcontractors and suppliers will be compensated for their work and materials provided during the project's execution.
The Payment Bond includes standard provisions that the Surety agrees to maintain the bond's validity even if there are changes, extensions, alterations, or additions to the original contract terms. The document is a standard form that will be revised in October 2025 and requires attachment of a Power of Attorney. While specific financial details are left blank in this template, the bond represents a critical financial safeguard for the Water Rehab Program 02, ensuring financial protection for subcontractors and materials suppliers involved in the municipal infrastructure project.
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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 Water Rehab Program 02 , 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 October 2025 payment bond
File details come from the government source that posted it. Updated .