GALLUP_PAYMENT_BOND.pdf

This is a Payment Bond document related to the City of Gallup, New Mexico's demolition project for two single-family dwellings located at 709 B & C S. 6th Street. The payment bond serves as a financial guarantee instrument required for the demolition contract, ensuring that all laborers, material suppliers, and subcontractors will be paid for their work and materials used on the project. The bond protects claimants who provide labor or materials to the contractor performing the asbestos removal and demolition work.

The payment bond establishes the contractor's obligation to pay all claims arising from the project work within the specified jurisdictional requirements of New Mexico and the City of Gallup. This bond is a standard requirement for public works projects and typically must remain in effect for the duration of the construction contract and for a specified period thereafter to cover any delayed claims. The bond amount and specific terms would be determined based on the contract value and applicable prevailing wage requirements for the demolition and asbestos abatement services.