Labor and Material Payment Bond. Owner may at any time require Contractor to furnish a labor and material payment bond issued in a form and by a surety company acceptable to Owner, securing Contractor's payment of all monies owed to its employees, subcontractors, suppliers and any other persons or entities who may claim a mechanics' lien or materialmen's lien upon the Job Site. Upon Owner's request, Contractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. The labor and material payment bond shall be an amount the lesser of one hundred and fifty percent (150%) of the Contract Price, or the maximum allowed by Law.
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 XxXxxxx 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.
Labor and Material Payment Bond. (This format provided for convenience, actual Labor and Material Bond is acceptable in lieu, if compatible) Bond Number KNOW ALL MEN BY THESE PRESENTS: that as Principal, hereinafter called Contractor, and (Surety Company) a corporation organized and existing under the laws of the State of and authorized to do business in the State of New Hampshire hereinafter called Surety, are held and firmly bound unto the City of Portsmouth, N.H. Obligee, hereinafter called Owner, for the use and benefit of claimants as herein below defined, in the amount of Dollars ($ ), for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
Labor and Material Payment Bond. A Labor and Material Payment Bond (Payment Bond) shall be required from the Contractor by the Commission for this project. Prior to commencing any work, and within 10 calendar days after issuance of a purchase order, the Contractor shall furnish a Payment Bond in the amount of 100 percent (100%) of the total Contract Price to ensure full and complete payment of the Contract. The Payment Bond shall be sent to the Procurement Manager. The Payment Bond shall be issued from a reliable Surety Company acceptable to the Commission, licensed to do business in the State of Florida and signed by a Florida Licensed Resident Agent. . Such a bond shall be accompanied by a duly authenticated power of attorney evidencing that the person executing the bonds in behalf of the Surety had the authority to do so on the date of the bond. Please note: A Notice to Proceed will not be issued by the Commission’s Contract Manager until after the required bonds have been received. Failure to provide a Labor and Material Payment Bond may be grounds to find the Contractor in default, which could include cancellation of the contract, and/or the Contractor’s removal from the State’s approved contractor list for future solicitations. The Contractor is required to furnish replacement bonds in the event of cancellation of the original Labor and Material Payment Bond. The cost of the Labor and Material Payment Bond and any replacement bonds shall be borne by the Contractor.
Labor and Material Payment Bond. Prior to commencement of the Work, the Contractor shall furnish a Labor and Material Payment Bond as security for payment of persons or entities performing Services or furnishing materials/equipment in connection with completion of Services in a penal sum equal to One Hundred Percent (100%) of the Contract Price under this Contract. The penal sum of the Payment Bond shall be Four Hundred Seventy-Four Thousand Three Hundred Eighty-Four Dollars ($474,384) and in the form and content set forth in Exhibit A to this Contract. The failure or refusal of the Contractor to furnish the Labor and Material Payment Bond is a default by the Contractor of a material obligation of the Contractor under this Contract. The Surety issuing the Labor and Material Payment Bond shall be: (i) an Admitted Surety Insurer as that term is defined in California Code of Civil Procedure §995.120; and (ii) A.M. Best rated A-/VII or better.
Labor and Material Payment Bond. 1. The ESCO will provide a payment bond in the sum of 100% of the cost of work as described in Schedule G: Equipment to be Installed by ESCO. The payment bond shall apply to and cover those providing labor, materials, equipment, supplies and services in connection with the performance of the work covered in Schedule G: Equipment to be Installed by ESCO.
Labor and Material Payment Bond. A written form of security from a surety (bonding) company to the County, on behalf of an acceptable prime Contractor or subcontractor, guaranteeing payment to the County in the event the Contractor fails to pay for all labor, materials, equipment, or services in accordance with the contract. (see Performance Bond and Surety Bond).
Labor and Material Payment Bond. A separate bond, with approved corporate surety, in an amount equal to one hundred percent (100%) of the total contract price, to secure the payment of all material furnished, and all labor performed, under the terms hereof; and
Labor and Material Payment Bond. A payment bond furnished by Contractor and Contractor’s surety or sureties for the full amount of the Bid Price to guarantee payment to laborers and material supplies.
Labor and Material Payment Bond. Builder may at any time require Subcontractor to furnish a labor and material payment bond issued in a form and by a surety company acceptable to Builder, securing Subcontractor’s payment of all monies owed to its employees, subcontractors, suppliers and any other persons or entities who may claim a mechanics’ lien or materialmen’s lien upon the Job Site. Upon Builder’s request, Subcontractor shall indemnify the surety or post adequate collateral, or both, to secure any indemnity to any surety. The labor and material payment bond shall be an amount not less than one hundred and fifty percent (150%) of the Contract Price.
