Examples of Payment Bond in a sentence
Upon execution of this Agreement, Contractor shall provide a Payment Bond in the amount of 100% of the Contract Price, as security for the true and faithful payment in full of all subcontractors and persons performing labor, services, materials, machinery, and fixtures in connection with the Work.
Design-Builder shall maintain the Payment Bond in full force and effect until (a) Design- Builder has obtained unconditional releases pursuant to Civil Code § 8138 from all claimants who filed preliminary notice of a claim against the bond, or (b) expiration of the statutory period for claims against the bond.
The Payment Bond shall secure payment of all claims, demands, stop payment notices, mechanics liens, or charges of material suppliers, mechanics or laborers employed by Design-Builder or by any Subcontractor or any person, form, or entity eligible to file a stop payment notice with respect to the Work in an amount equal to one-hundred percent (100%) of the Contract Price.
The surety for a Payment Bond shall meet the requirements of Texas law.
I acknowledge and accept that a Performance Bond and Payment Bond will be required upon award of contract for those companies selecting the Level 2 - $25,000 and Level 3 - $50,000 thresholds.