Payment Bond is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.
Payment Bond means the approved form of security furnished by the Contractor and Contractor's Surety as a guarantee of good faith on the part of the Contractor to make all payments that are the Contractor's obligations, in accordance with the terms of the Contract.
Payment Bond means a surety bond issued by a surety licensed
Examples of Payment Bond in a sentence
Design- Builder shall provide a Performance and Payment Bond in their full amount on behalf of VPRA, with no riders that reduce VPRA’s potential of recovery based on the Utility Owner’s limited obligee amounts.
Contractor will furnish a Labor and Material Payment Bond in an amount equal to one hundred percent (100%) of the Contract Sum, and a Performance Bond in an amount equal to one hundred percent (100%) of the Contract Sum.
The Contractor shall not assign or transfer by operation of law or otherwise any of its rights, burdens, duties or obligations without the prior written consent of the surety on the Payment Bond, the surety on the Performance Bond, and the written consent of the District.
More Definitions of Payment Bond
Payment Bond. ’ means a bond executed in connection with a contract, to assure pay- ment as required by law of all persons sup- plying labor and materials in the execution of the work provided in the contract.
Payment Bond means a form of security required to be provided by a Contractor for the protection of claimants supplying labor and/or Commodities to the Contractor or their subcontractors.
Payment Bond means a bond that is conditioned upon the payment by the principal of money to persons who have a right of action against such bond, including those who have furnished labor, materials, equipment and supplies for use in the performance of the contract. A payment bond cannot require the surety to pay an amount that exceeds the claimant's actual loss or damage.
Payment Bond means a bond with good and sufficient sureties or guarantees payable to the City and intended for the use and protection of all subcontractors and all persons supplying labor, materials, machinery, and equipment in the prosecution of the Work provided for in the Contract for the use of all persons doing work or furnishing skills, tools, machinery, or materials under or for the purpose of constructing the Project. The life of these bonds must extend through the Final Completion date of the Project for an added sixty (60) day maintenance period (where applicable) and a twelve-month warranty/guarantee period after Final Completion.
Payment Bond means the Performance and Payment Bond described in Section 9.2.3.
Payment Bond means that certain Payment Bond for the Work and the Project in the form of Exhibit C attached hereto, issued by a surety that has been approved by the District, in its reasonable discretion, in favor of the District, as obligee.
Payment Bond means an obligation of a surety to pay the monies that the principal (i.e., the applicant or ARES) owes another party in the event that the applicant fails for whatever reason to perform its contract(s).