Common use of Contractor’s Payment Bond Clause in Contracts

Contractor’s Payment Bond. If the construction contract between the Developer and the Contractor for construction of the Community Facilities is for an amount in excess of Twenty-Five Thousand Dollars ($25,000), a good and sufficient Payment Bond in an amount equal to one hundred percent of the total contract price (between the Developer and the Contractor), guaranteeing payment for all labor, materials and equipment used in construction of the Community Facilities. The Payment Bond shall be made in favor of the City and the Developer and all persons, firms or corporations who may furnish materials for or perform labor upon the Community Facilities hereunder.

Contractor’s Payment Bond. If the construction contract between the Developer and the Contractor for construction of the Community Facilities is for an amount in excess of Twenty-Five Thousand Dollars ($25,000), a good and sufficient Payment Bond in an amount equal to one hundred percent of the total contract price (between the Developer and the Contractor)) of the construction contract, guaranteeing payment for all labor, materials and equipment used in construction of the Community Facilities. The Payment Bond shall be made in favor of the City and the Developer and all persons, firms or corporations who may furnish materials for or perform labor upon the Community Facilities hereunder.