PAYMENT_BOND.pdf
PDF 69 KB Posted
- Attached to
- Lakemont Center Drainage Improvements
- Solicitation number
- ITB-25-051
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Payment Bond template document required by the City of Wheat Ridge, Colorado, for the Lakemont Center Drainage Improvements project (ITB-25-051). The bond serves as a financial guarantee that the contractor will promptly pay all subcontractors, material suppliers, laborers, and service providers involved in the drainage improvements project. The bond must be executed by both the principal contractor and an approved surety company, with the bond amount to be specified in the contract documents. The mandatory pre-bid meeting is scheduled for November 4, 2025, at 2:00 pm, and bid submissions are due on November 20, 2025, at 2:00 pm Mountain Time. The project completion timeline is 30 calendar days from the Notice to Proceed.
The payment bond amount will be established based on the contract value and must be in place concurrent with contract execution. The surety company executing the bond must be authorized to transact business in Colorado and appear on the U.S. Treasury Department's current list of approved sureties (Circular 570, as amended). The bond obligates the surety to guarantee payment to all parties furnishing labor, materials, equipment, and services for the drainage improvements work, including materials such as lubricants, fuel, repairs to machinery and equipment, and insurance premiums. The bond remains in effect regardless of any changes, extensions of time, alterations, or additions to the contract terms or specifications, with the surety waiving notice of such modifications.
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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 .