Labor and Material Payment Bond Clause Samples

Labor and Material Payment Bond. (This format provided for convenience, actual Labor and Material Bond is acceptable in lieu, if compatible) Bond Number KNOW ALL MEN BY THESE PRESENTS: that as Principal, hereinafter called Contractor, and (Surety Company) a corporation organized and existing under the laws of the State of amount of Dollars ($ ), for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

Labor and Material Payment Bond. If this Contract is estimated to exceed $50,000.00, the Contractor shall furnish a Labor and Materials Payment Bond with surety approved by the City and on the forms approved by the City. Thebond shall be in the total amount of the Contract conditioned upon the major terms and conditions of this Contract and payment of all labor and material suppliers. It is further mutually agreed between the parties hereto that if, at any time after the execution of this Contract and the surety bond(s) hereto attached for its faithful payment of labor and material suppliers, the City shall deem the surety or sureties upon such bond(s) to be unsatisfactory, or if, for any reason, such bond(s) ceases to be adequate to cover the performance of the work, the Contractor shall, at its expense, within five (5) days after the receipt of notice from the City to do so, furnish an additional bond or bonds, in such form and amount, and with such surety or sureties as shall be satisfactory to the City. In such event no further payment to the Contractor shall be deemed to be due under this Contract until such new or additional security for the payment of labor and material suppliers shall be furnished in a manner and form satisfactory to the City. The corporate surety on any payment bond must be licensed by the State of Missouri and if the required bond exceeds $25,000.00 must be listed in United States Treasury Circular 570.

Labor and Material Payment Bond. Owner may at any time require Contractor to furnish a labor and material payment bond issued in a form and by a surety company acceptable to Owner, securing Contractor's payment of all monies owed to its employees, subcontractors, suppliers and any other persons or entities who may claim a mechanics' lien or materialmen's lien upon the Job Site. Upon Owner's request, Contractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. The labor and material payment bond shall be an amount the lesser of one hundred and fifty percent (150%) of the Contract Price, or the maximum allowed by Law.

Labor and Material Payment Bond. A labor and material payment bond at one hundred percent (100%) of the contract amount, solely for the protection of claimants supplying labor and/or materials to ▇▇▇▇▇▇▇ to whom the contract was awarded, or to any of his subcontractors in the prosecution of the work provided for in such contract, and shall be conditioned for the prompt payment of all such material furnished or labor supplied or performed in the prosecution of the work. “Labor and/or materials” shall include public utility services and reasonable rentals of equipment, but only for periods when the equipment rented is actually used at the site. The surety company which issues said bond must be legally authorized to do business in the Commonwealth of Pennsylvania and must have a rating of B+, A or A+ as determined by the A.M. Best Company or an equivalent rating agency deemed satisfactory to Client.

Labor and Material Payment Bond. A separate bond, with approved corporate surety, in an amount equal to one hundred percent (100%) of the total contract price, to secure the payment of all material furnished, and all labor performed, under the terms hereof; and

Labor and Material Payment Bond. Contractor will provide to County a Labor and Material Payment Bond to guarantee payment of claims of labors, mechanics, material man, and other persons as set forth by law. Said bond shall be for twenty-five percent (25%) of the annual Contract amount. Bond must be submitted to County on County provided forms within seven (7) calendar days of award notification and prior to the official Contract award. Prior to the provisions of services under this Contract, Contractor agrees to purchase the required bond at Contractor’s expense and to deposit with County the required bond necessary to satisfy County requirements and to keep such bond on deposit with County during the entire term of this Contract. Said bond shall be secured from an admitted surety company authorized to conduct surety insurance in California and satisfactory to County Offices of County Counsel and Risk Management and in accordance with General Conditions.

Labor and Material Payment Bond. Builder may at any time require Subcontractor to furnish a labor and material payment bond issued in a form and by a surety company acceptable to Builder, securing Subcontractor’s payment of all monies owed to its employees, subcontractors, suppliers and any other persons or entities who may claim a mechanics’ lien or materialmen’s lien upon the Job Site. Upon Builder’s request, Subcontractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. The labor and material payment bond shall be an amount not less than one hundred and fifty percent (150%) of the Contract Price.

Labor and Material Payment Bond. A payment bond furnished by Contractor and Contractor’s surety or sureties for the full amount of the Bid Price to guarantee payment to laborers and material supplies.

Labor and Material Payment Bond. Prior to commencement of the Work, the Contractor shall furnish a Labor and Material Payment Bond as security for payment of persons or entities performing Services or furnishing materials/equipment in connection with completion of Services in a penal sum equal to One Hundred Percent (100%) of the Contract Price under this Contract. The penal sum of the Payment Bond shall be Four Hundred Seventy-Four Thousand Three Hundred Eighty-Four Dollars ($474,384) and in the form and content set forth in Exhibit A to this Contract. The failure or refusal of the Contractor to furnish the Labor and Material Payment Bond is a default by the Contractor of a material obligation of the Contractor under this Contract. The Surety issuing the Labor and Material Payment Bond shall be: (i) an Admitted Surety Insurer as that term is defined in California Code of Civil Procedure §995.120; and (ii) A.M. Best rated A-/VII or better.