7-Payment Bond.pdf

101 Commerce Drive Tel: (610) 363–9525 Exton, Pennsylvania 19341 www.westwhiteland.org

TO BE COMPLETED BY CONTRACTOR AFTER AWARD, DO NOT SUBMIT WITH

BID PACKAGE EXHIBIT I

KNOW ALL MEN BY THESE PRESENTS, that we____________________________________

As principal and a corporation incorporated under the laws of the State of as SURETY, are held and firmly bond unto the , in the full and just sum of ($__________ ) dollars, lawful money of the

United States of America, to be paid to the said _____________________or its assigns, to which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, the above bounden Principal has entered into a contract with the above municipality hereinafter called Obligee, bearing even date herewith, for the improvement of a certain section of highway or bridge in said Municipality consisting of:________________________ for approximately the sum of: _____________________________________

($______________________ ) dollars.

NOW, THEREFORE, the condition of this obligation is such that if the above bounden

PRINCIPAL shall and will promptly pay or cause to be paid in full all sums of money which may be due by contract or otherwise, to any individual, firm, partnership, association or corporation, for all material furnished or labor supplied or performed in the prosecution of the work, whether or not the said for material or labor entered into and became component parts of the work and for rental of the equipment used and services rendered by public utilities in, or in connection with the prosecution of such work, then this obligation to be void, otherwise to remain in full force and effect.

The PRINCIPAL and SURETY, hereby, jointly and severally, agree with the Obligee herein that any individual firm, partnership, association or corporation, which has performed labor or furnished material in the prosecution of the work as provided, and any public utility which has not been paid in full therefor, may sue in assumpsit on this Payment Bond in his, their, or its own name and may prosecute the same to final for such sum or sums as may be justly due him, them or it, and have execution thereon. Provided, however, that the Obligee shall not be liable for the payment of any costs of expenses of such suit.

RECOVERY by any individual, firm, partnership, association or corporation hereunder shall be subject to the provisions of the “Public Works Contractors’ Bond Law of 1967", Act No. 385, approved December 20, 1967,P.L. 869, which Act shall be incorporated herein and made a part hereof, as fully and completely as though its provisions were fully and at length herein recited.

It is further provided that any alterations which may be made in the terms of the contract or in the work to be done or materials to be furnished or labor to be supplied or performed under it or the giving by the Obligee of any extension of time for the performance of the contract or any other forebearance on the part of either the Obligee or the Principal to the other, shall not in any way release the PRINCIPAL and the SURETY or SURETIES of any such alteration, extension of forebearance being hereby waived.

IN WITNESS WHEREOF, the said PRINCIPAL and SURETY have duly executed this Bond under seal this _______________________ day of ______________________ ,20__

WITNESS:

CONTRACTOR____________________________

BY: _____________________________________

TITLE:

SURETY COMPANY________________________

Witness:

TITLE: