Town_of_Manchester_Labor_and_Materials_Payment_Bond.pdf
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- Attached to
- FURNISH AND INSTALL TRANSIT SHELTERS
- Solicitation number
- 25/26-5
- Issued by
- Hartford County, Connecticut
About this file
This document is a Labor and Material Payment Bond for the Town of Manchester, Connecticut, which serves as a financial guarantee for a construction or service contract. The bond ensures that the Principal (the contractor) will pay for all labor and materials used in the prosecution of the work, with the Town of Manchester as the Obligee. The bond is executed in accordance with specific sections of the Connecticut General Statutes (Sections 49-41, 49-41a, 49-41b, 49-42, and 49-43) and is designed to protect subcontractors and material suppliers by ensuring they will be paid for their work and materials.
The bond amount is left blank in this template, indicating that the specific dollar value will be filled in when the actual contract is executed. The document is a standard legal form that provides financial protection for the Town and ensures that all parties involved in the project will be compensated for their work and materials. It is typically issued simultaneously with a performance bond, which guarantees the full and faithful completion of the contract. The bond's provisions are limited by the referenced Connecticut statutes, which define the rights and liabilities of the parties involved.
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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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