3-010 PAYBOND.pdf
PDF 89 KB Posted
- Solicitation number
- 26003270
- Issued by
- Mason County, Texas
About this file
This is a Payment Bond form issued by the City of Midland, Texas, required as a contractual security instrument for the FY 2026 Micro-Surface and Slurry Seal Project. The bond guarantees that the principal contractor will pay all claimants, laborers, and material suppliers involved in the execution of the work as specified in the underlying contract. The bond amount is to be determined and filled in by the contractor and surety, with both parties binding themselves jointly and severally to fulfill this obligation. The bond document outlines that any changes, extensions of time, alterations, or additions to the contract terms, work scope, plans, specifications, or drawings will not affect the surety's obligation, and the surety waives notice of such modifications.
The Payment Bond is a standard contractual requirement with no pricing terms, set-asides, or funding information contained within the document itself. The bond form requires execution by both the principal contractor and the surety company, with approval noted by the City Attorney. A Power of Attorney form must be attached to the bond as documentation of the surety's authorization to bind the company. This form was revised in August 2012 and serves as a protective mechanism for the City of Midland to ensure that all subcontractors and material suppliers are paid for labor and materials supplied during the performance of the slurry seal project work.
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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 .