Common use of Payment Bond Clause in Contracts

Payment Bond. The approved form of security furnished by the Contractor and his/her surety as a guaranty that he will pay in full all bills and accounts for materials and labor used in the construction of the work. Said security shall be in accordance with the provisions of Chapter 2253, Government Code.

Payment Bond. The approved form of security furnished by the Contractor and his/her surety Surety as a guaranty that he will pay in full all bills and accounts for materials Materials and labor used in the construction performance of the workWork. Said security shall be in accordance with the provisions of Chapter 2253, Government Code.

Payment Bond. The approved form of security furnished by the Contractor and his/her surety his Surety as a guaranty guarantee that he will pay in full all bills and accounts for materials and labor used in the construction execution of the work. Said security shall be in accordance with the provisions of Chapter 2253Work, Government Codeas provided by law.