GALLUP_PAYMENT_BOND.pdf

This document is a Payment Bond associated with the City of Gallup, New Mexico for a demolition project of a single-family dwelling at 109 E. Hill Ave. The bond serves as a legal instrument ensuring that the Principal (the contractor) will promptly make payments to all persons, firms, subcontractors, and corporations involved in the construction work, including those providing materials, labor, equipment, and tools.

The Payment Bond provides financial protection for the Owner (City of Gallup) by guaranteeing that all parties involved in the project will be compensated. The bond stipulates that no changes, extensions, alterations, or additions to the contract terms can affect its obligations, and it preserves the rights of any beneficiary with potential unsatisfied claims. The document is designed to be executed in three counterparts and requires signatures from the Principal, Surety, witnesses, and relevant secretarial personnel, with spaces provided for addresses, contact information, and official seals.