Labor and Materials Bond definition

Labor and Materials Bond means the approved form of security furnished by the Contractor and the Contractor's surety to guarantee that the Contractor will pay in full all accounts, bills, costs and expenses for labor, services, materials and equipment used in the performance of the Work.
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Labor and Materials Bond means a bond that assures payments as required by law to all persons supplying labor or materials in the performance of the work provided for in the contract. This type of bond is typical to construction contracts.
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Labor and Materials Bond means the bond, in an amount equal to the Fixed Construction Price, delivered to the City with respect to this Agreement, which guarantees to the City the Company's timely payment for all labor, materials, supplies, implements, and machinery and equipment to be furnished with respect to the Treatment Facility.
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Examples of Labor and Materials Bond in a sentence

  • The Contractor shall furnish a Performance Bond, Labor and Materials Bond, and a one (1) year Maintenance Bond each in an amount equal to one hundred (100%) percent of the total contract price as security for its faithful performance of this contract, for the payment of all persons performing labor or furnishing materials in connection with this contract.

  • If indicated below, Contractor shall, within 15 days of contract award and before execution of the contract, furnish a Bond for Faithful Performance and/or a Payment Bond (also called Labor and Materials Bond) on forms provided by the City, each in the amount of 100 percent of the contract price.

  • Contractor must deliver to RIOC an original Payment & Performance Bond for the full value of work and a Labor and Materials Bond for an amount not less than one hundred percent (100%) of the materials payment (for payment to all persons furnishing materials in connection therewith) for not less than one hundred percent (100%) of the Contract amount.

  • The Contractor agrees that before it undertakes performance of this Contract, it will file with the City of Vancouver a Labor and Materials Bond and a Performance Bond, on the forms provided by the Owner, in the amount of $2,000,000 (one million dollars) executed by itself as principal and by a surety company authorized, licensed to do business in the State of Washington on the approved City of Vancouver form.

  • Contractor shall furnish a Payment Bond (Labor and Materials Bond) in an amount not less than 100 percent of the Contract price, excluding allowances.

  • Prior to the commencement of construction, Licensee shall post a Labor and Materials Bond in the amount of one hundred percent (100%) of the contracted cost of construction of Licensee’s Facilities, the Integrated Facilities, and any Accessory Structures, if applicable, with such cost to be documented by Licensee to the Director in whatever manner is deemed reasonable by the Director.

  • The Bonds given by the Contractor, a Performance Bond in a sum equal to one-hundred (100) per centum, and a Payment (Labor and Materials) Bond in the sum equal to one-hundred (100) per centum of the total contract price of the work to be done, to secure a proper compliance with the terms and provisions of this Contract, are attached to and made a part of this Contract.

  • CONTRACTOR will provide COUNTY within ten (10) days from inception date of this Contract a Performance and Labor and Materials Bond each in the amount of 100% of the Contract price for each year that this contract is in effect.

  • The Contractor's Performance Bond and Labor and Materials Bond shall be valid and remain in force for a maximum period of twelve (12) months after completion of the work.

  • Developer further agrees that pursuant to Government Code section 66499.7, the Labor and Materials Bond provided by Developer in accordance with Section 13.1 of this Agreement shall not be released if any mechanics liens or stop notices are outstanding, unless said liens are released by bond in compliance with Civil Code section 3143.


More Definitions of Labor and Materials Bond

Labor and Materials Bond means the bond required from the selected bidder (Contractor) for 100 percent of the Contract amount, guaranteeing the prompt payment by Contractor of all monies due to all persons supplying labor and materials to Contractor or Contractor’s subcontractors, in the prosecution of the work provided for in the Contract. The Labor and Materials Bond will be executed pursuant to and governed by Arizona law.
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