Payment_Bond.pdf

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.