Payment_Bond.docx
DOCX document 32 KB Posted
- Attached to
- Railroad Boring Services Briarwood Road State and local contract opportunity
- Solicitation number
- 2026-RFB-008
- Issued by
- Hampton County, South Carolina
About this file
This is a Payment Bond template document for the Greenwood Metropolitan District, SC, related to the Railroad Boring Services Briarwood Road project (2026-RFB-008, CSX# 1061258). The bond serves as a financial guarantee that the contractor will promptly pay all subcontractors, material suppliers, laborers, and other parties involved in the construction work. The bond is executed by the principal contractor and a surety company, with the penal sum amount to be specified based on the contract value. The document requires the bond date to be the same as or after the contract execution date and specifies that the surety company must be authorized to conduct business in South Carolina and appear on the U.S. Treasury Department's current Circular 570 list.
The Payment Bond obligates the contractor and surety to ensure all parties performing labor or furnishing materials, including insurance premiums and equipment maintenance costs, are paid according to the contract terms. The surety waives notice of any contract modifications, extensions, or alterations and agrees that such changes do not affect its bonding obligation. The bond must be executed in four counterparts with appropriate signatures and corporate seals from both the contractor and surety. If the contractor is a partnership, all partners must execute the bond. This bond is a standard requirement for the public works project and protects all laborers, suppliers, and subcontractors from non-payment.
View the file
Other files for this state and local contract opportunity
| File | Type | Posted |
|---|---|---|
| Railroad_Boring_Services_Briarwood_Road.pdf | ||
| CSX1061258_-Greenwood_Metropolitan_District_Agreement_-_signed_by_GMD.pdf | ||
| Proposed_Standard_Form_of_Agreement.doc | DOC document | |
| 2024_Design_Manual_w-Appendices.pdf | ||
| Bid_Bond.docx | DOCX document | |
| For_Information_Only_-_SAMPLE_of_Special_Provisions_Forms.docx | DOCX document | |
| 01212_-_Performance_Bond.docx | DOCX document | |
| Certificate_of_Owner's_Attorney.docx | DOCX document | |
| Old_Briarwood_Rd_CSX_Agreement_-_April_1995.pdf | ||
| Briarwood_Road_Original_DWG.pdf | ||
| Woodlawn_FM_Plans_(Bid_Set).pdf | ||
| Bid_Forms_(For_Physical_Submittals).pdf | ||
| Sample_Term_Agreement.docx | DOCX document |
Show all 13
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Text version
SECTION 01214
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 the construction of:
Railroad Bore – Briarwood Road Project 2026-RFB-008 (CSX# 1061258)
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, that 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 01214) 01214-2
File details come from the government source that posted it. Updated .