4-1. Attachment C - Payment Bond.pdf
PDF 137 KB Posted
- Attached to
- Traffic Signal – Intersection of Ronald W Reagan Blvd and Palmera Ridge Blvd/ Vista Heights Dr
- Solicitation number
- CIPS26-001
- Issued by
- Williamson County, Texas
About this file
This Payment Bond document is a surety bond form required by the City of Leander, Texas for the Traffic Signal construction project at the intersection of Ronald W Reagan Boulevard and Palmera Ridge Boulevard/Vista Heights Drive. The bond is executed pursuant to Texas Government Code Title 10, Chapter 2253 and establishes a financial guarantee between the Principal (Contractor), the Surety (bonding company), and the City of Leander as Obligee. The bond obligates the contractor and surety to ensure payment of all claimants, including laborers and material suppliers, involved in the execution of the contract work. The bond remains in effect for the duration of the construction project and applies to all work performed under the signed contract between the contractor and the City.
The penal sum of the bond and premium amount are to be specified by the parties at execution. The surety agrees to pay the Obligee upon demand for any losses and expenses, including attorney fees, resulting from breach of the bond obligations. The bond stipulates that the surety's liability is not affected by changes, extensions of time, alterations, or additions to the contract terms, specifications, or work scope, with the surety waiving notice of such modifications. Venue for any legal action on the bond is established in the county where the project is constructed. The bond must be executed with signatures and seals from both the Principal and Surety, along with identification of the Surety's resident agent and complete addresses for both parties.
View the file
Other files
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
Attachment C
PAYMENT BOND
Pursuant to Vernon’s Texas Government Code Title 10, Chapter 2253, as amended
Bond No. ______________ Premium $_____________
KNOW ALL MEN BY THESE PRESENTS, that ____________ (Contractor), City of _______, County of ________, and State of ___________, hereinafter referred to as the Principal, and _____________________ a corporation organized and existing under the laws of _____________ and authorized under the laws of the State of Texas to act as Surety on bonds for Principal, are held and firmly bound unto City of , Texas as Obligee, in the penal sum of ___________________________ ($ _______________) DOLLARS, lawful money of the United States of America, for the payment of which well and truly to be made, the said Principals and Surety bind themselves, and their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the PRINCIPAL has entered into a certain written Contract with the OWNER for the following project:___________________, dated the day of , 202__ to which Contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein.
NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION ARE SUCH, that if the said Principals shall pay all claimants supplying labor and material to him or a subcontractor in the prosecution of the work provided for in the said Contract, then this obligation shall be void;
otherwise to remain in full force and effect.
The Surety agrees to pay the Obligee upon demand all loss and expense, including attorneys’ fees, incurred by the Obligee by reason of or on account of any breach of this obligation by the Surety. Provided further, that in any legal action be filed upon this bond, venue shall lie in the county where the project is to be constructed.
PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Texas Government Code Chapter 2253 as amended and all liabilities on this bond shall be determined in accordance with the provisions of said Chapter to the same extent as if it were copied at length herein.
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 thereunder, or the Plans, specifications or drawings accompanying the same, shall in any way affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract, or to the work to be performed thereunder.
IN WITNESS WHEREOF, the said PRINCIPAL and SURETY have signed and sealed this instrument this ______day of ______________, 202_.
Principal Surety
By ____________________________ By_________________________________ Name __________________________ Name_______________________________ Title ___________________________ Title _______________________________ Address Address
The name and address of the Resident Agent of Surety is:
(Seal)
File details come from the government source that posted it. Updated .