Labour and Material Bond definition

Labour and Material Bond means a bond issued by a surety company licensed to operate in the Province of Ontario to ensure that the contractor will pay his or her direct Subcontractors and/or Suppliers for labour and materials to protect the Corporation against liability to the contractor’s direct Subcontractor and Suppliers should the Contractor not make proper payments;

Labour and Material Bond means a bond issued by a surety company on the City standard Form of Bond to ensure that the contractor will fulfill its obligations to its employees, subcontractors and suppliers and thereby protects the City.

Labour and Material Bond means a bond issued by a surety company on the County of Elgin standard Form of Bond to ensure that the contractor will pay his or her suppliers and thereby protects the Corporation against items which might be granted to a supplier should the contractor not make proper payments,

Examples of Labour and Material Bond in a sentence

• The Bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a Performance Bond equal to 50% of the contract value, excluding HST, and a Labour and Material Bond equal to 25% of the contract value, excluding HST.

• The Labour and Material Bond must be as per Form 31, Labour and Material Payment Bond under Section 85.1 of the Construction Act.

• The Contractor is required to provide a Performance and a Labour and Material Bond as follows, to guarantee his faithful performance of this contract and his fulfillment of all obligations in respect to maintenance and payment for Labour and Materials used on this work.

• If requested, Contractor shall provide a 50% Performance Bond and a 50% Labour and Material Bond for the work.

• The tender documents must include the following: An Agreement to Bond OR a completed Performance Bond and Labour and Material Bond each in the amount of 100% of the total Contract Tender amount.

More Definitions of Labour and Material Bond

Labour and Material Bond means a sum of money guaranteed by a Surety Company on the County’s standard form that the named Vendor will pay his/her subcontractors and thereby protect the County against any claims should the Vendor fail to do so. A Labour and Material Bond should be obtained prior to the County’s execution of a contract.

Labour and Material Bond means a bond issued by a surety company on the City standard Form of Bond to ensure that the contractor will fulfill its obligations to its employees, subcontractors and Suppliers and thereby protects the City. Any changes to the standard Form shall require approval of the Purchasing Supervisor;

Labour and Material Bond means a bond issued by a surety company to ensure that the contractor will pay his or her suppliers and thereby protects the Town against items that might be granted to supplier should the contractor not make proper payments;

Labour and Material Bond means a bond issued by a surety company licensed to operate in the Province of Ontario, to ensure that the contractor will fulfill its obligations to its employees, subcontractors and suppliers and thereby protects the County.

Labour and Material Bond means a bond given to guarantee payment, as required to all persons supplying labour or material for the completion of work under the Contract. The Labour and Material Bond shall be from an Ontario based Surety

Labour and Material Bond means a bond issued by a surety company on the Township standard Form of Bond to ensure that the contractor will fulfil its obligations to its employees, subcontractors and suppliers and thereby protects the Township.

Labour and Material Bond means a bond that assures payments, as required to all persons supplying labour or material for the completion of work under a contract.