Labour and Materials Payment Bond definition

Labour and Materials Payment Bond means a bond issued by a surety company licensed in the province of Ontario to ensure that the Contractor has paid his or her suppliers and thereby protects the City of Windsor against liens, which might be granted to suppliers should the Contractor not make proper payments.
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Labour and Materials Payment Bond means a bond to be supplied by the Successful Proponent, which bond will guarantee that all suppliers of labour or materials will be paid for labour and materials furnished to the Contractor, for use on the project.
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Labour and Materials Payment Bond means the labour and materials payment bond satisfying the requirements established in this Request for Proposal
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Examples of Labour and Materials Payment Bond in a sentence

  • The Labour and Materials Payment Bond is to be received not later than two (2) weeks after the award of the contract by the letter of intent and prior to the execution of the formal agreement.

  • A Labour and Materials Payment Bond will be required in the amount of fifty percent (50%) of the contract price.

  • Prior to the signing of the Contract Agreement, the Contractor shall furnish a Performance Bond, and a Labour and Materials Payment Bond in accordance with Article 4 of the Contract Agreement.

  • The accepted Bidder shall submit to the Owner the required Performance Bond and Labour and Materials Payment Bond immediately upon receiving notification of acceptance of its Bid from the Owner.

  • As a pre-condition to execution of the Contract, the Bidder shall deliver the Performance Bond and Labour and Materials Payment Bond, or specified alternative, to Metrolinx within five (5) Business Days of notification of acceptance of its Submission by Metrolinx.

  • The Performance Bond and the Labour and Materials Payment Bond should include the Contract number and title.

  • The Bid Bond will be returned after delivery to the Owner of the required 50 % Performance Bond and 50% Labour and Materials Payment Bond by the accepted Bidder.

  • It is a condition of this Agreement that if the above-mentioned Tender is accepted, application for a Performance Bond and Labour and Materials Payment Bond, must be completed with the undersigned within fourteen (14) days of acceptance of the tender related thereto, otherwise this Agreement shall be null and void.

  • The Known Impacts are known to the Contractor and to the City and have been accounted for by the Contractor within the Construction Schedule, the Contract price, and acquisition of any Performance Bond and/or Labour and Materials Payment Bond.

  • The undersigned acknowledges that failure to obtain a Performance Bond and a Labour and Materials Payment Bond equal to the Bond Amount within the time period stipulated herein may result in the immediate revocation of acceptance of the Bidder’s Submission by Metrolinx and forfeiture of the Bidders’ Bid Deposit.


More Definitions of Labour and Materials Payment Bond

Labour and Materials Payment Bond means a bond issued by a surety company to ensure that the contractor has paid his or her suppliers, which thereby protect the Corporation against items, which might be granted to suppliers, should the contractor not make property payments;
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Related to Labour and Materials Payment Bond

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  • Manufacturing Cost means [***].

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  • Contractor means the individual or entity, that has entered into this contract with the Commonwealth.

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  • MSAA Indicator Technical Specifications document means, as the context requires, either or both of the document entitled “Multi-Sector Service Accountability Agreement (MSAA) 2019-20 Indicator Technical Specifications November 5, 2018 Version 1.3” and the document entitled “Multi-Sector Service Accountability Agreement (MSAA) 2019-20 Target and Corridor-Setting Guidelines” as they may be amended or replaced from time to time;