Payment_Bond.pdf

This document is a Payment Bond form developed by the EJCDC (Engineers Joint Contract Documents Committee), specifically the C-615 version from 2013, which involves the National Society of Professional Engineers, American Council of Engineering Companies, and American Society of Civil Engineers. The bond is for the Town of Waterford, located at 15 Rope Ferry Road, Waterford, CT 06385, and is designed to provide financial protection for labor, materials, and equipment furnished for a construction project. The form provides comprehensive legal mechanisms to ensure payment to contractors, subcontractors, and suppliers involved in the construction work.

The Payment Bond outlines specific obligations and processes for the Contractor and Surety, including provisions for making payments to Claimants, handling claims, and responding to potential non-payment scenarios. Key provisions include time-limited claim submission requirements (within 90 days of last work performed), mandatory response timelines for the Surety (60 days), and specific documentation needed for valid claims. The bond also caps the Surety's total obligation to the bond amount plus reasonable attorney's fees, and includes detailed definitions of terms like "Claimant" and "Construction Contract" to provide clarity and legal precision in potential dispute resolution.