Examples of Payment Bond in a sentence
No payment, however, final or otherwise, shall operate to release the Contractor or his Sureties from obligations under this Contract and the Performance Bond, Payment Bond, and other bonds, warranties and guarantees as provided in this Agreement and ITB.
In accordance with Section 255.05, Florida Statutes, the Construction Manager shall provide to the Owner, on forms furnished by the Owner, a 100% unconditional Performance Bond and a 100% unconditional Labor and Material Payment Bond, each in an amount not less than the GMP.
The Payment Bond shall remain in effect until recordation of the Notice of Completion, or if a Notice of Completion is not recorded by the City, for 60 days after completion of the Work.
The person, firm, or corporation that executes as surety the Developer’s Performance Bond and Payment Bond, and must be a California admitted surety insurer as defined in the Code of Civil Procedure section 995.120.
The conditions of this obligation are such that, whereas the Principal entered into a certain contract (the “Contract”), which Contract is incorporated into this Payment Bond by this reference, with the State of Texas acting by and through the Board of Regents of Texas Southern University, as Obligee, dated for the , Project No.