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
At the time of execution of this Agreement, Contractor shall deliver to the County a Performance and Payment bond, to secure the faithful performance by Contractor of all the terms, covenants, and conditions of this Agreement and the prompt payment, by Contractor, of amounts due all persons supplying labor, services, equipment, or material used in the prosecution of the work to be performed under this Agreement and any and all duly authorized modifications thereof.
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 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 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 shall have the meaning set forth in subsection 5.4.3.2.
Payment Bond means the labor and materials payment bond required under Section 12.2