Payment_Bond.pdf
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- Attached to
- Goshen Fire Station Roof Replacement
- Solicitation number
- IFB# 24-008
- Issued by
- New London County, Connecticut
About this file
This is a Payment Bond form template required by the Town of Waterford, Connecticut for the Goshen Fire Station Roof Replacement project (IFB #24-008). The bond secures the contractor's obligation to pay all subcontractors, laborers, and material suppliers involved in the roof replacement work. The contractor must submit a 10% bid security if the total bid exceeds $50,000. The bond must be executed in three counterparts and dated no earlier than the contract date. The anticipated project completion timeline is 120 consecutive calendar days after the Notice to Proceed, with a bid submission deadline of September 10, 2024, at 1:00 pm.
The payment bond incorporates Connecticut General Statutes Section 49-41a and requires the surety to remain liable regardless of any changes, extensions, alterations, or additions to the contract terms or work specifications. The bond protects all beneficiaries, including subcontractors and material suppliers, ensuring they receive payment for labor, materials, equipment, and services provided during the roof replacement project. No final settlement between the owner and contractor shall limit the rights of any unsatisfied beneficiary. The Town of Waterford reserves the right to award the contract to the lowest responsible bidder and requires comprehensive insurance and performance bonding along with compliance with Connecticut prevailing wage laws and OSHA safety standards. A 5% retainage will be held from the contract value and released up to six months after successful project completion.
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Text version
PAYMENT BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________, of ______________________, State of _______________, (Surety) hereinafter called “Surety” are held and firmly bound unto ______________________________, (Owner) of ____________________________________, hereinafter called “Owner”, in the penal sum of
_______________________________________________________________________ Dollars ($_________________________) 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.
File details come from the government source that posted it. Updated .