Common use of Payment Bonds Clause in Contracts

Payment Bonds. Payment Bonds will be released either 45 days after final acceptance of the project or upon receipt of releases from the Washington Department of Revenue, Washington Employment Security Department, and the Washington Department of Labor and Industries, whichever is later. Release is contingent on the fact that no claims against the bond have been filed prior to the 45 day xxxx. If claims have been filed against the bond, it will not be released until the claims have been resolved.

Payment Bonds. Payment Bonds will be released either 45 days after final acceptance of the project or upon receipt of releases from the Washington Department of Revenue, Washington Department of Employment Security Department, and the Washington Department of Labor and Industries, whichever is later. Release is contingent on the fact that no claims against the bond have been filed prior to the 45 day xxxx. If claims have been filed against the bond, it will not be released until the claims have been resolved.