Payment Bond definition

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.

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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

• It is intended that this document be edited before being furnished as a form to prospective Bidders or Contractors, and for each actual issuance of a Payment Bond.

• The Payment Bond is the document in which the Contractor and its Surety commit to making payment to Subcontractors and Suppliers for labor, materials, and equipment provided to Contractor for the benefit of the Project and Owner.

• 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.

• The surety for a Payment Bond shall meet the requirements of Texas law.

• The Contractor shall procure and pay for a Performance Bond applicable to the work in the amount of one hundred fifteen percent (115%) of the total proposed price, and a Payment Bond applicable to the work in the amount of one hundred percent (100%) of the total proposed price.

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 the Performance and Payment Bond described in Section 9.2.3.

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 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 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 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).