PAYMENT_BOND.pdf
PDF 69 KB Posted
- Solicitation number
- 25-054
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This Payment Bond template is issued by the City of Wheat Ridge, Colorado for contractors engaged in municipal construction projects. The bond document serves as a guarantee that the principal contractor will promptly pay all subcontractors, material suppliers, laborers, and other parties furnishing materials or services for the project work. The bond covers all costs associated with construction, including materials, equipment repairs, fuel, insurance premiums, and labor performed by subcontractors or other workers. The surety company executing the bond must appear on the U.S. Treasury Department's current list (Circular 570, as amended) and be authorized to conduct business in Colorado. The bond document requires execution by both the principal contractor and surety, with the principal's corporate secretary attesting to the signature. The bond date must not be prior to the contract date, and if the contractor is a partnership, all partners must execute the bond.
The penal sum amount and specific project details are to be inserted by the City of Wheat Ridge prior to execution. The bond remains in full force and effect unless the principal makes all required payments to laborers, subcontractors, material suppliers, and other vendors involved in the work. The surety waives notice of any changes, extensions of time, alterations, or additions to the contract terms or specifications, confirming that such modifications will not affect the surety's obligation on the bond. This standard payment bond protects the city and all parties providing labor and materials by ensuring they receive payment regardless of disputes between the contractor and the municipality.
View the file
Other files
Show all 24
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
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 .