7-Exhibit C - Sample Payment Bond.pdf
PDF 66 KB Posted
- Attached to
- Liberty Landing Apartments Residential Paint
- Solicitation number
- RFP No. 750-25/26-007
- Issued by
- Sterling County, Texas
About this file
This is a Sample Payment Bond document for The University of Texas System, acting through the Board of Regents on behalf of The University of Texas at Tyler, for the Liberty Landing Apartments Residential Paint project. The bond serves as a financial guarantee that the Principal will promptly pay all claimants who supply labor, materials, and supplies in the performance of the contract work. The bond is executed jointly and severally by the Principal and Surety and binds both parties to the State of Texas as Obligee. The specific contract details including the project number, contract date, and penal sum amount are to be filled in on the blank lines provided in the document.
If the Principal fails to make prompt payment to claimants as defined under Section 2253.021 of the Texas Government Code, the Surety is obligated to satisfy all undisputed balances due and make arrangements to resolve disputed amounts in good faith. The Surety's liability is capped at the penalty amount of the bond. Venue for any legal action filed on the bond is established in the county where the contract work is to be performed. For bonds exceeding $100,000, the Surety must attest at the time of execution that it either holds a certificate of authority from the United States Secretary of the Treasury to qualify as a surety on federal obligations or has reinsured any liability exceeding $100,000 through a reinsurer holding such federal certification. The document requires signature and seal by authorized representatives of both the Principal and Surety, along with information for the Surety's Texas local recording agent and home office servicing agent.
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Text version
PAYMENT BOND
Surety Bond No.
STATE OF TEXAS §
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF §
That we, ______________________________________________________, as Principal, and ________________________________________________________, as Surety, are hereby held and firmly bound unto the State of Texas as Obligee in the penal sum of _________________________________________________________ ($__________) for the payment whereof, the said Principal and Surety bind themselves, their heirs, executors, administrators, and successors, jointly and severally, firmly by these presents.
The conditions of this obligation are such that whereas the Principal entered into a certain contract, hereto attached, and made a part hereof, with the State of Texas, acting by and through the Board of Regents of The University of Texas System for and on behalf of ____, ________________________________, dated ______________________, ______, for ___________________________________________________________________ (Project No. _______).
NOW, THEREFORE, the condition of this obligation is such that, if the Principal shall promptly make payments to all claimants as defined in Section 2253.021, Texas Government Code, as amended, of all persons supplying labor and materials in the prosecution of the work provided for in said contract, then this obligation shall be null and void, but otherwise it shall remain in full force and effect.
In the event that the Principal fails to promptly pay when due persons who have supplied labor, materials, or supplies used in the performance of the said contract, the Surety will, upon receipt of notice from the State of Texas or a claim in the form required by law, satisfy all undisputed balances due, and make arrangements satisfactory to the interested parties to resolve all amounts disputed in good faith, but in no event shall the liability of the Surety for the Principal's failure to promptly pay for labor, materials, or supplies exceed the penalty of this bond.
This Surety agrees to pay the State of Texas upon demand all loss and expense, including attorney's fees, incurred by the State of Texas by reason or on account of any breach of this obligation by Surety.
Provided further, that this bond is made and entered into for the protection of all claimants supplying labor and material in the prosecution of the work provided for in said Contract, and all such claimants shall have a direct right of action under the bond as provided in Section 2253.021, Texas Government Code, as amended. If any legal action is filed upon this bond, venue shall be in the county where the said Contract is to be performed.
By signature hereon, if the amount of this bond exceeds $100,000, then the Surety attests that at the time the bond was executed (and Surety shall provide the Obligee with evidence of the following):
(1) it was a holder of a certificate of authority from the United States Secretary of the Treasury to qualify as a surety on obligations permitted or required under federal law; or
(2) had reinsured any liability in excess of $100,000 by a reinsurer holding a certificate of authority from the United States Secretary of the Treasury.
IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their several seals this _______________ day of ____________________________ in the year ______, the name and corporate seal of each corporate party being hereto affixed, and these presents duly signed by its undersigned representative pursuant to authority of its governing body.
(SEAL) ______________________________
Principal
ATTEST:
By: By:
(Typed Name and Title) (Typed Name and Title)
(SEAL)
Surety
ATTEST:
By: By:
(Typed Name and Title) (Typed Name and Title)
Surety's Texas Local Recording Surety's Home Office Agent or Servicing Agent or Resident Agent: Agent:
Name:
(Signature)
Title:
(Typed Name)
License No.
File No.
Address: Address:
Telephone No.: Telephone No.:
File details come from the government source that posted it. Updated .