Payment_Bond.docx
DOCX document 32 KB Posted
- Attached to
- Wastewater SCADA System HMI Replacement
- Solicitation number
- 2026-RFP-006
- Issued by
- Greenville County, South Carolina
About this file
This is a Payment Bond template document applicable to state and local contract opportunities in South Carolina, specifically for the Greenwood Metropolitan District's Wastewater SCADA System HMI Replacement project and Greenwood County's auctioneer services solicitation. The payment bond serves as a financial guarantee instrument executed by a contractor (principal) and surety company to ensure prompt payment to all subcontractors, material suppliers, and laborers performing work or providing materials for the contracted project. The bond obligates the surety to cover any unpaid obligations should the contractor default, with the penal sum amount to be determined based on the specific contract value. The bond document requires execution by authorized representatives of both the contractor and surety, with notarization and proper corporate seals, and must be dated on or after the contract execution date. The template specifies that the surety company must be listed on the U.S. Treasury Department's current Circular 570 and be authorized to conduct business in South Carolina.
The payment bond includes provisions that protect all beneficiaries including subcontractors and material suppliers, with specific protections ensuring that no contract modifications, time extensions, or specification changes void the surety's obligations. The bond covers all costs associated with project execution, including materials, labor, equipment, machinery repairs, lubricants, fuel, and insurance premiums consumed or used in the construction work. The document mandates that the surety waives notice of any contract changes and retains liability even after final settlement between the owner and contractor if any beneficiary claims remain unsatisfied. Surety companies executing bonds must maintain authorization to transact business in South Carolina, and if the contractor is a partnership, all partners must execute the bond. The bond is issued in four counterparts, each constituting an original document, ensuring all parties retain executed copies for their records.
View the file
Other files
Show all 12
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor)
_________________________________________________________________, hereinafter called (an Individual), (a Partnership), or (a Corporation)
Principal, and ____________________________________________________________________ (Name of Surety)
(Address of Surety) hereinafter called Surety, are held and firmly bound unto __________________________________
(Name of Owner)
(Address of Owner) hereinafter called OWNER, in the penal sum of _________________________________________
________________________________________ Dollars, ($ ) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly, by these presents.
THE CONDITION OF THE OBLIGATION is such that whereas, the Principal entered into a certain contract with the OWNER, dated the __________ day of _______________________, 20___, a copy of which is hereto attached and made a part hereof for:
______________________________________________________________(Project Description)
NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms, SUBCONTRACTORS, and corporations furnishing materials for or performing labor in the prosecution of the WORK provided for in such contract, and any authorized extension or modification thereof, including all amounts due for materials, lubricants, oil, fuel, repairs on machinery, equipment and tools, consumed or used in connection with the construction of such WORK, and all insurance premiums on said WORK, and for all labor, performed on such WORK, whether by SUBCONTRACTOR or otherwise, then this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said 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 thereunder or the SPECIFICATIONS accompanying the same 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 or to the SPECIFICATIONS.
PROVIDED, FURTHER, no final settlement between the OWNER and the CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.
IN WITNESS WHEREOF, this instrument is executed in four (4) counterparts, each one of which shall be deemed an original, this the _____________ day of _________________________, 20___.
| CONTRACTOR AS PRINCIPAL |
| SURETY |
| (Seal) |
(Seal)
Contractor's Name and Corporate Seal
Surety’s Name and Corporate Seal
| By: |
| By: |
Signature
Signature (Attach Power of Attorney)
Print Name
Print Name
Title
Title
| Attest: |
| Attest: |
Signature
Signature
Title
Title
NOTE: Date of BOND must not be prior to date of Contract. If CONTRACTOR is a Partnership, all partners should execute BOND.
IMPORTANT: Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the State where the PROJECT is located.
(End of Section)
File details come from the government source that posted it. Updated .