PAYMENT_BOND.pdf
PDF 69 KB Posted
- Attached to
- Youngfield Street Beautification
- Solicitation number
- 25-025
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
The document is a Payment Bond for the City of Wheat Ridge, Colorado, related to an unspecified project. The bond is a standard legal instrument that guarantees the principal contractor will promptly pay all persons, firms, subcontractors, and corporations furnishing materials or performing labor for the project. The bond covers various expenses including materials, lubricants, equipment repairs, insurance premiums, and labor costs. The bond is executed in 2024 and provides financial protection for the project, ensuring that all parties involved in the work will be compensated.
The bond includes provisions that the surety will not be affected by changes, extensions, alterations, or additions to the contract terms, and the surety waives notice of such modifications. The document emphasizes that the surety companies executing the bond must appear on the Treasury Department's current list and be authorized to transact business in Colorado. While specific project details are not provided in this document, the bond serves as a critical financial guarantee mechanism typical in construction and public works contracts to protect subcontractors, suppliers, and workers from potential payment issues.
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Text version
PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor)
A hereinafter called "PRINCIPAL", and
(Name of Surety)
(Address of Surety) hereinafter called "Surety", are held and firmly bound unto the City of Wheat Ridge, 7500 West 29th Avenue, Wheat Ridge, Colorado 80033, 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 THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the Owner, dated the day of , 2024, a copy of which is hereto attached and made a part hereof for the Project titled, [PROJECT NAME].
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, gasoline, coal and coke, 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 in 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 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.
*Insert "a corporation", "a partnership", or "an individual" as applicable.
IN WITNESS WHEREOF, this instrument is executed in one part, each of which shall be deemed an original, this the day of , 2024
ATTEST: PRINCIPAL
CORPORATE SECRETARY PRINCIPAL
ADDRESS BY
ADDRESS
(SEAL)
SURETY
ATTEST:
SURETY
ADDRESS BY (ATTORNEY IN FACT)
ADDRESS
Note: Date of Bond must not be prior to date of Contract. If Contractor is 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 of Colorado.
File details come from the government source that posted it. Updated .