6-PAYMENT BOND.pdf
PDF 114 KB Posted
- Attached to
- IFB - 250 WEST RECONSTRUCTION
- Solicitation number
- 26-284
- Issued by
- Washington County, Utah
About this file
This is a Payment Bond form for the City of St. George, Utah, related to the 250 West Reconstruction project (Blackridge Drive to Tech Ridge Parkway), Inquiry No. 26-284. The payment bond serves as a financial guarantee that the contractor will promptly pay all subcontractors, suppliers, and laborers involved in the construction project. The bond covers all materials, equipment, repairs, insurance premiums, and labor costs incurred during the prosecution of work as defined in the contract. The bond remains in full force and effect regardless of any changes, extensions of time, alterations, or additions to the contract terms or work specifications, with the surety waiving notice of such modifications. The bond is executed by the principal contractor and a surety company, with both parties binding themselves jointly and severally to the City of St. George.
The penal sum of the payment bond is not specified in this template document, though related contract documentation indicates that 100% payment and performance bonds are required for this project. The surety company executing the bond must be licensed to transact business in the State of Utah and appear on the U.S. Treasury Department's current list of approved sureties (Circular 570 as amended). The bond protects all beneficiaries, including suppliers and laborers, ensuring their claims remain valid even after final settlement between the city and contractor. The bond must be dated on or after the contract date and requires execution by authorized representatives of both the contractor and surety, with proper attestation and sealing.
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Text version
PAYMENT BOND
Project: 250 West Reconstruction (Blackridge Dr to Tech Ridge Parkway)
Inquiry No. 26-284
KNOW ALL MEN BY THESE PRESENTS:
(Name of Contractor)
(Address of Contractor) a , (Corporation, Partnership, or Individual) hereinafter called Principal, and
(Name of Surety)
(Address of Surety) hereinafter called Surety, are held and firmly bound unto the City of St. George located at, 61 South Main
Street, St. George, Utah 84770 hereinafter called CITY, in the penal sum of
Dollars, $ ( ) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the CITY, dated the day of 20 , a copy of which is hereto attached and made a part hereof for the construction of the above-named project.
NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms, SUBCONTRACTORS, and corporations furnishing materials for or performing labor in the prosecution of the WORK provided for in such contract, and any authorized extension or modification thereof, including but not limited to all amounts due for all materials, lubricants, oil, gasoline, coal and coke, repairs on machinery, equipment and tools, consumed or used in connection with the construction of such
WORK, and all insurance premiums on said WORK, and for all labor, performed in such WORK whether by SUBCONTRACTOR or otherwise, then this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to the WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in any wise affect its obligation on this BOND, and it does hereby waive notice of any change, extension of time, alteration or addition to the terms of the contract or to the WORK or to the CONTRACT DOCUMENTS.
PROVIDED, FURTHER, that no final settlement between the CITY and the CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.
IN WITNESS WHEREOF, this instrument is executed in counterparts, each one of which shall be deemed an original, this the day of 20 .
ATTEST:
Principal
(Principal) Secretary
(SEAL) By
____________________________________ Address
Witness as to Principal
Address
ATTEST:
Surety
(Surety) Secretary
(SEAL) By__________________________________
Address
Witness as to Surety
____________________________________ Attorney-in-fact
Address
NOTE: Date of BOND must not be prior to date of Contract. If CONTRACTOR is Partnership, all partners should execute BOND.
IMPORTANT: Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the State where the project is located.
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