Payment_Bond.pdf
PDF 141 KB Posted
- Attached to
- Auditorium Meeting Room Audio Upgrades
- Solicitation number
- GEN# 24-013
- Issued by
- New London County, Connecticut
About this file
This document is a Payment Bond template for a contract associated with the Town of Waterford, Connecticut, specifically for the Auditorium Meeting Room Audio Upgrades project managed by the Information Technology Department. The Payment Bond serves as a legal instrument that guarantees the principal contractor will make payments to all persons, firms, subcontractors, and corporations involved in providing materials or performing labor for the project. The bond covers various expenses including materials, lubricants, oil, gasoline, equipment repairs, insurance premiums, and labor performed by subcontractors or otherwise.
The bond is executed in three counterparts and includes specific provisions referencing Section 49-41a of the Connecticut General Statutes. The document stipulates that no final settlement between the Owner and Contractor can abridge the rights of any beneficiary with an unsatisfied claim. The bond must be dated on or after the contract date, and if the contractor is a partnership, all partners are expected to execute the bond. While specific financial details are not filled in on this template, the bond represents a critical financial protection mechanism ensuring payment to all parties involved in the audio equipment upgrade project for the Town of Waterford's municipal auditorium.
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Other files
| File | Type | Posted |
|---|---|---|
| the_auditorium_speaker_layout.jpg | JPG image | |
| PERFORMANCE_BOND.pdf |
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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 .