Labor_and_Material_Payment_Bond.pdf

BOND NO.

LABOR AND MATERIAL PAYMENT BOND

KNOW ALL MEN BY THESE PRESENTS, that we, ______________________________________, Contractor, hereinafter called Principal, and

_________________________________________________________________hereinafter called the Surety, are held and firmly bound unto THE CITY OF JACKSON, MICHIGAN, 161 West

Michigan Avenue, Jackson, Michigan 49201, hereinafter called the Owner, and the State of

Michigan in the sum of ______________________________________________________ to the payment whereof, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.

Sealed with our seals and dated this ____________ day of ____________, _______.

WHEREAS, the above named Principal has entered into a certain contract with THE CITY

OF JACKSON, MICHIGAN, 161 West Michigan Avenue, Jackson, Michigan 49201, Owner, dated the ________________ day of ______________, _______ for

___________________________________ which contract and the specifications for said work shall be deemed a part hereof as fully as if set out herein and is hereinafter referred to as the

Contract.

AND WHEREAS, this bond is given in compliance with and subject to the provisions and conditions of Public Act No. 213 of the Public Acts of Michigan of 1963, as amended.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that if the above named Principal, legal representatives, or successors shall pay or cause to be paid to all subcontractors, persons, firms and corporations as the same may become due and payable, all indebtedness which may arise from said Principal to a subcontractor or any party performing labor or materials furnished in connection with the Contract, construction, and work herein referred to, then this obligation shall be void; otherwise to remain in full force and effect.

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Jackson Labor and Material Payment Bond (Page 1 of 2)

AND PROVIDED, that any changes, alterations, or modifications which may be made in the terms of said Contract, or in the work to be done under it, or in the event that the said Owner shall grant any extension of time for the performance of said contract or otherwise modify any elements of the Contract, or any forbearance on the part of either party to the other shall not in any way release in Principal and Surety, or either of them, their heirs, executors, administrators, successors or assigns, from any liability hereunder, notice to the Surety of any such changes, alterations, modifications, extensions or forbearance being hereby waived.

IN WITNESS THEREOF, the parties hereto have caused this instrument to be executed by their respective authorized officers this ____________ day of ______________, _______.

WITNESS:

Principal

By

Title

WITNESS:

Surety

By Attorney-in-fact

ATTACH POWER OF ATTORNEY

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Jackson Labor and Material Payment Bond (Page 2 of 2)