2-009 PAYBOND.pdf
PDF 89 KB Posted
- Attached to
- 25006665 RFP Beal Park Phase ll
- Solicitation number
- 25006665
- Issued by
- Mason County, Texas
About this file
This is a Payment Bond template form for the City of Midland, Texas, which serves as a blank bonding instrument to be completed by contractors and their surety companies. The form is designed to guarantee payment to all claimants supplying labor and materials for work performed under contracts with the City of Midland. The template includes blank fields for the principal contractor's information, surety company details, bond amount in dollars, contract date, and project description. The form requires signatures from both the principal contractor and surety company, along with their respective addresses, and must be approved by the City Attorney with an attached Power of Attorney.
The bond ensures that if the principal contractor fails to pay all claimants who supply labor and materials during contract performance, the surety company will be liable for those payments up to the bond amount. The surety agrees to waive notice of any changes, extensions, alterations, or additions to the contract terms, work specifications, or plans, meaning the bond remains in full force regardless of contract modifications. The form was last revised in August 2012 and includes standard legal language binding the principal and surety jointly and severally to fulfill payment obligations to subcontractors and material suppliers throughout the contract performance period.
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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 , 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 August 2012
File details come from the government source that posted it. Updated .