Payment Bonds. The Contractor shall execute a payment bond in the full amount of the cost to construct the Improvements in favor of the City insuring against claims from suppliers and subcontractors. The payment bond shall be executed by a corporate surety authorized to do business in Texas in accordance with Chapter 2253 of the Texas Government Code, shall be on the City’s standard form, and shall contain a local resident agent for service of process. Owner and Developer may be co-obligees on the payment bond.
Appears in 3 contracts
Sources: Development Contract, Development Contract, Development Contract