Payment_Bond.pdf
PDF 141 KB Posted
- Attached to
- Oswegatchie Fire House -New Construction
- Solicitation number
- IFB# 26-004
- Issued by
- New London County, Connecticut
About this file
This is a Payment Bond form template for a construction contract with the Town of Waterford, Connecticut, for the Oswegatchie Fire House New Construction project (IFB #26-004). The bond secures the contractor's obligation to pay all subcontractors, material suppliers, laborers, and other parties furnishing materials or performing work on the project. The payment bond must be executed by the principal contractor and a surety company and submitted with the bid. A mandatory pre-proposal meeting is scheduled for January 15, 2026, at 10:00 AM, with written questions due by January 28, 2026, at 4:00 PM. Sealed bids are due February 10, 2026, at 2:00 PM through the Town's electronic procurement portal, with bid opening conducted via Zoom. The project involves construction of a new 9,988 square-foot fire station on a new site with phased work maintaining full operational status of the existing facility until the new one is complete. The contractor must complete the project within 396 consecutive calendar days following the Notice to Proceed.
The payment bond penal sum must equal 100 percent of the contract value for contracts exceeding specified thresholds. Bid security of 10 percent is required for bids exceeding $50,000. The contract includes a 25 percent set-aside requirement for Department of Administration Services-certified small and minority-owned businesses. Prevailing wage requirements under Connecticut General Statutes Section 31-53 apply, with hourly rates subject to annual adjustments. Insurance requirements include $1,000,000 general liability per occurrence, $1,000,000 automobile liability, and statutory workers' compensation coverage. Liquidated damages are assessed at $1,000 per day for project delays. All project personnel must complete a 10-hour OSHA Construction Safety and Health Course within 30 days of contract award. The surety waives notice of any changes, extensions, alterations, or additions to the contract terms and acknowledges that final settlement between the owner and contractor does not abridge the rights of any beneficiary under the bond.
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Text version
PAYMENT BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________, of ______________________, State of _______________, (Surety) hereinafter called “Surety” are held and firmly bound unto ______________________________, (Owner) of ____________________________________, hereinafter called “Owner”, in the penal sum of
_______________________________________________________________________ Dollars ($_________________________) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors, 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 ___________________, 20__, a copy of which is hereto attached and made a part hereof for the construction of:
NOW, THEREFORE, if the Principal shall 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 consumed, repairs on machinery, equipment and tools, or 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 thereunder or the specifications accompanying the same shall in any way 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.
PROVIDED, FURTHER, that the provisions of Sec. 49-41a of the Connecticut General Statutes are incorporated herein and made a part hereof. Any provision of this bond contrary to such statutory provisions shall not be enforceable.
IN WITNESS, WHEREOF, this instrument is executed in three (3) counterparts, each one of which shall be deemed an original, this the _____ day of _________________, 20__.
Principal
ATTEST:
________________________________ By _________________________(S) (Principal) Secretary
(SEAL) (Address - Zip Code)
Witness as to Principal
(Address - Zip Code)
ATTEST: Surety
_________________________________ By _________________________(S) (Surety) Secretary Attorney-in-Fact
(SEAL) (Address - Zip Code)
Witness as to Surety
(Address - Zip Code)
NOTE: Date of Bond must not be prior to date of Contract. If Contractor is Partnership, all partners should execute bond.
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