Town_of_Manchester_Labor_and_Materials_Payment_Bond.pdf
PDF 27 KB Posted
- Attached to
- STREETLIGHT MAINTENANCE SERVICES
- Solicitation number
- 23/24-31
- Issued by
- Hartford County, Connecticut
About this file
This document is a Labor and Material Payment Bond for the Town of Manchester, Connecticut, specifically related to the Streetlight Maintenance Services contract (Bid No. 23/24-31). The bond serves as a legal instrument that ensures the principal contractor will pay for all labor and materials used in the prosecution of the work, as outlined in the contract between the principal and the Town of Manchester. While the specific details of the bond amount and contract date are left blank in this template document, the bond is executed pursuant to sections 49-41 through 49-43 of the Connecticut General Statutes and is designed to protect the interests of laborers and material suppliers by guaranteeing payment for work performed.
The payment bond is a standard risk mitigation tool in public works contracts, providing financial protection for the Town of Manchester and potential claimants who might supply labor or materials for the streetlight maintenance project. By requiring this bond, the Town ensures that subcontractors and suppliers will be compensated, thereby reducing the risk of liens or payment disputes. The bond is typically issued simultaneously with a performance bond, further securing the Town's interests in the successful completion of the streetlight maintenance services contract.
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Text version
LABOR AND MATERIAL PAYMENT BOND
Bond No._________
Note: This bond is issued simultaneously with another bond in favor of the Town of Manchester, Connecticut conditioned for the full and faithful performance of the Contract.
KNOW ALL MEN BY THESE PRESENTS:
THAT as Principal, hereinafter called "PRINCIPAL," and as Surety, hereinafter called "SURETY," are held and firmly bound unto the Town of Manchester, Connecticut, as Obligee, hereinafter called "TOWN," for the use and benefit of claimants as herein below defined, in the amount of ______________________________________ Dollars
($___________________), for the payment whereof PRINCIPAL and SURETY bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.
WHEREAS, PRINCIPAL has by written Contract dated entered into a Contract with
Town for made a part hereof, and is hereinafter referred to as the "CONTRACT."
NOW, THEREFORE, the condition of this obligation is such, that if the said PRINCIPAL shall pay for all labor and materials furnished to himself or his Subcontractors for use in the prosecution of the Work, and used therein, then, this obligation to be void; otherwise to remain in full force and effect.
PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Sections 49-41, 49-
41a, 49-41b, 49-42 and 49-43 of the General Statutes (C.G.S.A. and Supp. 1989) of the State of Connecticut and any other applicable laws, and the rights and liabilities hereunder shall be determined and limited by said sections and said other applicable laws, to the same extent as if they were copied at length herein.
Signed and sealed this ______________ day of _____________________, A.D., 20__.
In the Presence of:
(SEAL)
(PRINCIPAL)
By:
(SURETY)
By:
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