Labour and Material Payment Bond definition

Labour and Material Payment Bond means the type of security furnished to the Owner to guarantee payment to Subcontractors and suppliers for Work performed in accordance with the Contract and to the extent provided in the bond. The form of the Labour and Material Payment Bond will be in the form prescribed under the Construction Act.
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Labour and Material Payment Bond means the labour and material payment bond as described in and which satisfy the requirements of subsection 20.1.1(b).
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Labour and Material Payment Bond means the bond issued in the name of the Owner for fifty percent (50%) of the Contract Price to assure the Contract makes payment to all parties it is contracted to for the performance of the Work on the standard bond form - Canadian Construction Association Document No. (S)22.
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Examples of Labour and Material Payment Bond in a sentence

  • If a Labour and Material Payment Bond is provided pursuant to the contract the Contractor shall post on the site of the work a notice to that effect which shall include the name and address of the Surety, definition of those persons protected therein and an outline of the procedure for submitting a claim.

  • The amount to be paid to the Contractor for a progress payment shall be 90% of the value of the work certified by the Project Manager/Officer in the Progress Report as having been completed since the date of the immediately preceding Process Claim, if any, when a Labour and Material Payment Bond has been furnished under the contract the amount to be paid under this sub-section shall be 95% of the value certified by the Project Manager/Officer.

  • A Labour and Material Payment Bond, the Bond must be a Broad Form bond protecting all companies with a direct contract with the Principal or any Sub- Contractor of the Principal.

  • To execute the Contract Agreement and deposit with the Owner a Performance Bond and Labour and Material Payment Bond as specified in Article 32 of the General Conditions of the Construction Contract and the insurance documents as specified in Article 52 of the General Conditions of the Contract within ten (10) days of the date of the Notice of Award of the Contract, such time limit being extended only on the written approval of the Owner.

  • The Bidder to whom the Contract is awarded must properly sign the Contract and furnish a satisfactory Performance Bond, Labour and Material Payment Bond, Insurance Certificate and Workers' Compensation Board Certificate within ten (10) Working Days of acceptance of the Bid Submission by the Board, or forfeit the Bid Bond.

  • This Bid Bond shall be accompanied by an Agreement from the Surety Company that a 50% Performance Bond and a 50% Labour and Material Payment Bond will be issued to the Bidder if he/she is awarded the Contract.

  • Provide security for payment of labour and material provided in the performance of the Work in the form of a Labour and Material Payment Bond for 50% of the Contract Price.

  • Funding and/or Contribution Agreement Obligations 7Form H1: Performance Bond 10Form H2: Labour and Material Payment Bond 12Form H3: Irrevocable Standby Letter of Credit 14Form J: Subcontractor List 16 PART E - SPECIFICATIONSGeneralE1.

  • The Performance and Labour and Material Payment Bond shall state that the Owner will not be held responsible if payment to Subcontractors for material and/or labour supplied by the Subcontractor and as certified by the Architect, is not made by the Contractor as work progresses.

  • Performance and Labour and Material Payment Bond – The successful Bidder shall submit to the Owner the specified Performance Bond and Labour and Material Payment Bond within ten (10) days after written notification of the Contract award.


More Definitions of Labour and Material Payment Bond

Labour and Material Payment Bond has the meaning as set out in Section C1.1 (a)(ii) of the Design Build Agreement;
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Labour and Material Payment Bond means an instrument, from an Ontario based surety company, executed, subsequent to Award, by the successful Bidder, that protects the City from loss due to the Bidder’s inability to pay any or all subcontractors and/or suppliers associated with the Contract as agreed, and is a risk reduction mechanism that secures the fulfillment of all Contract requirements;
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Labour and Material Payment Bond means a bond issued by a surety company licensed to issue surety bonds in Alberta that ensures the Contractor will pay for all Construction Equipment, Total Labour Costs, Materials, and all other services required for performance of the Agreement.
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Related to Labour and Material Payment Bond

  • contract worker means a natural person who is —

  • Contract Cost means the Contract Sum plus Price Variation. This cost shall be included in the letter of acceptance.

  • Labor contractor means an individual or entity, either with or without a contract, which supplies a client employer with, or maintains a pool or availability list of, workers to perform labor within the client employer’s usual course of business. This definition is not intended to include Farm Labor Contractors.

  • Indigenous Peoples Safeguards means the principles and requirements set forth in Chapter V, Appendix 3, and Appendix 4 (as applicable) of the SPS;

  • Data Protection Impact Assessment means an assessment by the Controller of the impact of the envisaged processing on the protection of Personal Data;

  • Environmental Protection Agency (EPA) means the United States Environmental Protection Agency.

  • The Contract Price/Project Cost means the price payable to the Vendor under the Contract for the full and proper performance of its contractual obligations.

  • Day Worker means a worker who works their ordinary hours from Monday to Friday inclusive and who commences work on such days at or after 6.00 am and before 10.00 am otherwise than as part of the shift system.

  • public works contract means any agreement between any individual, firm or corporation and the State or any political subdivision of the State other than a municipality for construction, rehabilitation, conversion, extension, demolition or repair of a public building, highway or other changes or improvements in real property, or which is financed in whole or in part by the State, including, but not limited to, matching expenditures, grants, loans, insurance or guarantees.

  • Agency Worker means the individual who is Introduced by the Employment Business to provide services to the Hirer;

  • Contractor means the individual or entity, that has entered into this contract with the Commonwealth.

  • Contract Work means everything required to be furnished and done by the Contractor by any one or more of the parts of the Contract referred to in Article 1, except Extra Work as hereinafter defined.

  • Cost-reimbursement contract means a contract under which a contractor is reimbursed for costs which are allowable and allocable in accordance with the contract terms and the provisions of this code, and paid a fee, if any.

  • Environmental Problem Property A Mortgaged Property or REO Property that is in violation of any environmental law, rule or regulation.

  • Material safety data sheet or "MSDS" means the chemical, physical, technical, and safety information document supplied by the manufacturer of the coating, solvent, or other chemical product, usually through the distribution network or retailers.

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • MONTHLY KILOMETREAGE STATEMENT CUM BILL means the format specified by the Company.

  • Medicare cost report means CMS-2552-10, the cost report for electronic filing of

  • Cost outlier means cases which have an extraordinarily high cost as established in 79.1(5)“f,” so as to be eligible for additional payments above and beyond the initial DRG payment.

  • Extra Work means any work which is determined by City to be necessary for the proper completion of the Project, but which the Parties did not reasonably anticipate would be necessary at the execution of this Agreement. Consultant shall not perform, nor be compensated for, Extra Work without written authorization from City’s Representative.

  • Builder means the general contractor.

  • Indigenous Peoples means, a social group of people with a distinct social and cultural identity that makes them vulnerable to being disadvantaged in the development process, including the presence in varying degrees of the following characteristics: (i) a close attachment to ancestral territories and to the natural resources in these areas; (ii) self-identification and identification by others as members of a distinct cultural group; (iii) an indigenous language, often different from the national language; (iv) presence of customary social and political institutions; and (v) primarily subsistence-oriented production.

  • EPC Contractor means Seller’s engineering, procurement and construction contractor or such Person performing those functions.

  • Estimated Cost , for the purposes of rule 22, means the estimated cost to maintain, repair or replace a major capital item;

  • Contract Price means the price payable to the supplier under the contract for the full and proper performance of his contractual obligations.

  • Training Contract means a contract or an agreement for a Traineeship made between the Employer and an Employee to whom this Agreement applies, and that is registered with the relevant State or Territory Training Authority.