Payment Bond.docx
DOCX document 20 KB Posted
- Solicitation number
- PM-1414
- Issued by
- Burleson County, Texas
About this file
This Payment Bond document is a standardized form prepared for the State of Texas, Board of Regents of The Texas A&M University System, specifically for the PM-1414 Conner Hall & Greenhouse Roof Replacement project at West Texas A&M University. The payment bond serves as a guarantee that the principal contractor will promptly pay all claimants, including laborers and material suppliers, involved in the roof replacement work. The bond protects all parties supplying labor and materials for the project and establishes the surety's obligation to cover losses, expenses, attorney's fees, and court costs incurred by the State of Texas due to any breach of payment obligations. The form requires completion with the principal contractor's name, surety company information, penal sum amount, project number, execution date, and authorized signatures from both the principal and surety representatives.
The payment bond is a mandatory requirement for the roof replacement services contract awarded to CS Advantage for $695,000.00 with a 90-day construction timeline. As a prevailing wage and publicly funded project involving state university facilities, the bond ensures financial protection for all subcontractors and material suppliers participating in the work. The bond amount must reflect the full contract value and remain in effect throughout the project duration. Additionally, the contract requires a Historically Underutilized Business (HUB) Subcontracting Plan with monthly HUB Progress Assessment Reports submitted with each pay application, further establishing requirements for contractor compliance and financial accountability on this state-funded roof replacement project.
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Text version
PAYMENT BOND
SECTION 00 61 14
STATE OF TEXAS
COUNTY OF BRAZOS KNOW ALL MEN BY THESE PRESENTS
That we, , as Principal, and , as Surety, are hereby held and firmly bound unto the State of Texas in the penal sum of: Dollars ($ ) for the payment whereof, the said Principal and Surety bind themselves, their heirs, executors, administrators and successors, jointly and severally firmly by these presents.
The conditions of this obligation are such that, whereas the Principal entered into a certain contract (the “Contract”), which Contract is incorporated into this Payment Bond by this reference, with the State of Texas acting by and through the Board of Regents of The Texas A&M University System, as Obligee, dated for the
Project No. .
NOW, THEREFORE, if the Principal shall promptly make payments to all claimants, as defined in Chapter 2253, Texas Government Code, supplying labor and materials in the prosecution of the work provided for in said Contract, then this obligation shall be null and void, otherwise it shall remain in full force and effect.
This Bond is made and entered into solely for the protection of all claimants supplying labor and material in the prosecution of the Work provided for in said Contract, and all such claimants shall have a direct right of action under the Bond as provided in Chapter 2253, Texas Government Code.
The Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract or to the Work to be performed under the Contract shall in any wise affect its obligation on this Bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract or to the Work to be performed under the Contract.
The Surety agrees to pay the State of Texas upon demand all loss and expense, including attorney’s fees and court costs, incurred by the State of Texas by reason of or on account of any breach of this obligation by the Surety.
IN WITNESS WHEREOF, the Principal and Surety have duly signed and sealed this instrument this day of , 20_ .
, Principal (PRINCIPAL’S SEAL) if a corporation)
By: Name: Title:
, Surety (SURETY’S SEAL)
By: Name:
Attorney-in-Fact
Use of this form has been approved by the Office of the Attorney General of Texas
File details come from the government source that posted it. Updated .