Town_of_Manchester_Labor_and_Materials_Payment_Bond.pdf
PDF 27 KB Posted
- Attached to
- Handball Court Improvements at Charter Oak Park
- Solicitation number
- 22/23-44
- Issued by
- Hartford County, Connecticut
About this file
This document is a Labor and Material Payment Bond for the Town of Manchester, Connecticut, associated with the Handball Court Improvements at Charter Oak Park project (Bid No. 22/23-44). The bond is a legal instrument that ensures the principal (contractor) will pay for all labor and materials used in the project's prosecution, and it is executed pursuant to specific sections of Connecticut General Statutes. The bond is issued simultaneously with another performance bond in favor of the Town of Manchester, with the purpose of protecting subcontractors and material suppliers by guaranteeing payment for work performed.
The bond does not specify the exact monetary amount, as those fields are left blank for completion, but it is a standard legal document that provides financial protection for the municipality and potential claimants involved in the project. It references specific Connecticut state statutes (Sections 49-41, 49-41a, 49-41b, 49-42, and 49-43) that govern the rights and liabilities of the bond, ensuring that the principal will compensate all parties who provide labor and materials for the Handball Court Improvements project at Charter Oak Park.
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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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