Payment_Bond.pdf

PAYMENT BOND

STATE OF TEXAS §

COUNTY OF COLLIN § KNOW ALL MEN BY THESE PRESENTS:

That , a corporation organized and existing under the laws of the State of , and fully authorized to transact business in the State of Texas, whose address is of the City of County of , and State of ,(hereinafter referred to as “Principal”), and (hereinafter referred to as “Surety”, a corporation organized under the laws of the State of and authorized under the laws of the State of Texas to act as surety on bonds for principals, are held and firmly bound unto (hereinafter referred to as “Owner”) and unto all persons, firms and corporations who may furnish materials for or perform labor upon the buildings, structures or improvements referred to in the attached Contract, , in the penal sum of Dollars ($ ) (not less than 100% of the approximate total amount of the Contract as evidenced in the proposal) in lawful money of the United States, for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors, and assigns, jointly and severally, firmly by these presents:

WHEREAS, the Principal has entered into a certain written contract with the Owner, dated the day of , 20 , to which said Contract is hereby referred to and made a part hereof and as fully and to the same extent as if copied at length herein for the construction of

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that the bond guarantees the full and proper protection of all claimants supplying labor and material in the prosecution of the work provided for in said Contract and for the use of each claimant, and that conversely should the Principal faithfully perform said Contract and in all respects duly and faithfully observe and perform all and singular the covenants, conditions, and agreements in and by said Contract, agreed to by the Principal, and according to the true intent and meaning of said Contract and the claims and specifications hereto annexed, and any and all duly authorized modifications of said Contract that may hereafter be made, notice of which modification to Surety being hereby waived, then this obligation shall be void; otherwise, to remain in full force and effect. Provided further, that if any legal action be filed on this Bond, venue shall lie in Collin County, Texas.

"PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions Texas Government Code, Chapter 2253, as amended, and Chapter 3503 of the Texas Insurance Code, as amended, and all liabilities on this bond shall be determined in accordance with the provisions of said articles to the same extent as if they were fully copied at length herein.

Surety, for value received, stipulates and agrees that the bond shall automatically be increased by the amount of any Change Order or supplemental agreement which increases the Contract price with or without notice to the Surety and that no change, extension of time, alteration or addition to the terms of the Contract, or to the work performed thereunder, or the plans, specifications, or drawings accompanying the same, shall in anyway 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 to be performed thereunder.

The undersigned and designated agent is hereby designated by Surety herein as the agent resident to whom any requisite notice may be delivered and on whom service of process may be had in matters arising out of such suretyship.

IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this day of 20 .

WITNESS PRINCIPAL

Printed/Typed Name Title:

Company:

Address:

WITNESS SURETY

Printed/Typed Name Title:

Company:

Address:

The Resident Agent of the Surety for delivery of notice and service of process is:

Name:

Address: Note: Date of Bond must NOT be Phone Number: prior to date of contract.

Revised 11/2008