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.
Appears in 3 contracts
Sources: Performance Based Energy Savings Agreement, Performance Based Energy Savings Agreement, Performance Based Energy Savings Agreement