Labor & Material Bond Clause Samples
A Labor & Material Bond is a type of surety bond that guarantees payment to subcontractors, laborers, and suppliers for work performed and materials provided on a construction project. This bond is typically required by project owners to ensure that the general contractor fulfills their financial obligations to those supplying labor and materials, even if the contractor defaults or fails to pay. By providing this assurance, the Labor & Material Bond protects against liens and payment disputes, ensuring that all parties involved in the project are compensated appropriately and that the project can proceed without interruption.
Labor & Material Bond. To secure payment to the contractors, subcontractors, laborers, materialmen, and other persons furnishing labor, materials, or equipment for performance of the TUMF Improvements and this Agreement, Developer or its contractor shall provide AGENCY a labor and materials bond in an amount which sum shall not be less than one hundred percent (100%) of the Estimated Costs. The security provided under this section may be released by written authorization of AGENCY after six (6) months from the date AGENCY accepts the TUMF Improvements. The amount of such security shall be reduced by the total of all stop notice or mechanic’s lien claims of which AGENCY is aware, plus an amount equal to twenty percent (20%) of such claims for reimbursement of AGENCY’s anticipated administrative and legal expenses arising out of such claims.
Labor & Material Bond. To secure payment to the contractors, subcontractors, laborers, material men, and other persons furnishing labor, materials, or equipment for performance of the Public Improvements and this Agreement, Developer shall provide City a labor and materials bond in the amount of One Hundred Sixty One Thousand Dollars ($161,000), which sum shall not be less than one hundred percent (100%) of the Estimated Costs. The security provided under this section may be released by written authorization of the City Engineer after six (6) months from the date City accepts the final Public Improvements. The amount of such security shall be reduced by the total of all stop notice or mechanic’s lien claims of which City is aware, plus an amount equal to twenty percent (20%) of such claims for reimbursement of City’s anticipated administrative and legal expenses arising out of such claims.
Labor & Material Bond. To secure payment to the Contractors, subcontractors, laborers, materialmen, and other persons furnishing labor, materials, or equipment for performance of the DIF Improvements, the Contractor shall provide City a labor and materials bond in an amount which sum shall not be less than 100 percent of the Estimated Costs. The Security provided under this Section may be released by written authorization of City by passage of time within which claims of lien are required to be recorded under Civil Code sections 8410 et seq. The amount of such security shall be reduced by the total of all stop notice or mechanic’s lien claims of which City is aware, plus an amount equal to 10 percent of such claims for reimbursement of City’s anticipated administrative and legal expenses arising out of such claims.
Labor & Material Bond. To secure payment to the contractors, subcontractors, laborers, material suppliers, and other persons furnishing labor, materials, or equipment for performance of the construction of the Public Improvements and this Agreement, Developer or its contractor shall provide City a labor and materials bond in an amount which sum shall not be less than one hundred percent (100%) of the Estimated Costs. The security provided under this section shall be released by City immediately upon the acceptance of the Public Improvements by the City.
Labor & Material Bond. To secure payment to the contractors, subcontractors, laborers, material men, and other persons furnishing labor, materials, or equipment for performance of the Public Improvements and this Agreement, Developer shall provide City a labor and materials bond in the amount of SIX MILLION THREE HUNDRED EIGHTY SIX THOUSAND TWO HUNDRED SEVENTEEN DOLLARS ($6,386,217.00), which sum shall not be less than one hundred percent (100%) of the Estimated Costs. The security provided under this section may be released by written authorization of the City Engineer after six (6) months from the date City accepts the final Public Improvements.
Labor & Material Bond. To secure payment to the contractor and subcontractors, laborers, material men and other persons furnishing labor, materials, or equipment for performance of the Public Improvements and this Agreement, Developer shall provide City security in the amount of TWO MILLION, TWO HUNDRED THIRTY-SEVEN THOUSAND, ONE HUNDRED SEVENTEEN DOLLARS AND FIFTY-ONE CENTS ($2,237,117.51) , which sum shall not be less than one hundred percent (100%) of the Estimated Costs (Bonds attached in Exhibit “C” and Engineering Cost Estimate attached in Exhibit “B”).. The security provided under this subsection may be released by written authorization of the City Engineer after one (1) year or within the time limits established in California Government Code section 66499.7 from the date City accepts the final Public Improvements at the discretion of City. The amount of such security shall be reduced by the total of all stop notice or mechanic’s lien claims of which City is aware, plus an amount equal to twenty percent (20%) of such claims for reimbursement of City’s anticipated administrative and legal expenses arising out of such claims.
Labor & Material Bond. To secure payment to the contractors, subcontractors, laborers, materialmen, and other persons furnishing labor, materials, or equipment for performance of the Improvements and this Agreement, Developer or its contractor shall provide County a labor and materials bond in an amount which sum shall not be less than one hundred percent (100%) of the Estimated Costs. The security provided under this section may be released by written authorization of County after six (6) months from the date County accepts the Improvements. The amount of such security shall be reduced by the total of all stop notice or mechanic’s lien claims of which County is aware, plus an amount equal to twenty percent (20%) of such claims for reimbursement of County’s anticipated administrative and legal expenses arising out of such claims.