9-12.2. Bond - Payment.pdf
PDF 34 KB Posted
- Attached to
- Park Restroom Demolition and Site Restoration
- Solicitation number
- ITB 252-26 MRH
- Issued by
- Upton County, Texas
About this file
This is a Bond - Payment document related to the City of Amarillo's Park Restroom Demolition and Site Restoration project in Texas. The document establishes bonding requirements for bidders and contractors participating in this procurement. The bond serves as a payment guarantee mechanism, ensuring that successful bidders will fulfill their financial obligations related to the demolition and removal of existing park restroom facilities and subsequent site restoration to turf. The specific terms, conditions, and bond amounts are defined within this document to protect the City of Amarillo's interests throughout the project execution phase.
The payment bond requirements outlined in this document establish the contractor's obligation to pay all laborers, material suppliers, and other parties involved in the project. This bonding requirement is standard practice for public works projects and ensures that subcontractors and suppliers will be paid from project funds. The bond amount is typically tied to the total contract value and must be maintained throughout the duration of the project to guarantee performance and payment obligations are met in accordance with the contract terms.
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Text version
PAYMENT BOND
THE STATE OF TEXAS
COUNTY OF
KNOW ALL MEN BY THESE PRESENTS, that we _____________________________________________ a_
______________________ of ___________________________ hereinafter called Principal, and __________
_______________________ , a corporation organized under the laws of ___________ hereinafter called Surety, are held and firmly bound unto the City of Amarillo, a municipal corporation, chartered by virtue of the constitution and laws of the State of Texas, hereinafter called Obligee, in the amount of ___________________ dollars($ ______ ) for the payment whereof, the said Principal and Surety bind themselves, and 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 ________ of.
_____________ ,____ , 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 CONDITION OF THIS OBLIGATION IS SUCH, 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 void; otherwise to remain in full force and effect.
PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Chapter 2253 of the Texas
Government Code 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.
IN WITNESS WHEREOF ______________________ , Principal has caused these presents to be executed by its authorized attorney in fact and the said _____________________ , Surety, has caused these presents to be executed by its ___________ , this ___ day of __________ , A.D., ______ .
ATTEST
PRINCIPAL
By
(Principal Seal) Address
ATTEST
SURETY
By
(Surety Seal) Address
NOTE: DO NOT DATE THE BOND
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