Payment Bond. A Payment Bond is required if the Contract Sum is in excess of $25,000. The Payment Bond is to be for the Contract Sum and is payable to the Owner solely for the protection and use of payment bond beneficiaries who have a direct contractual relationship with the Contractor or a Subcontractor. The form of the bond shall be approved by the Attorney General of Texas.
Appears in 45 contracts
Samples: Agreement, assets.system.tamus.edu, assets.system.tamus.edu
Payment Bond. A Payment Bond bond is required if the Contract Sum price is in excess of $25,000. The Payment Bond payment bond is to be for the Contract Sum and is payable to the Owner ODR solely for the protection and use of payment bond beneficiaries who have a direct contractual relationship with the Contractor or a Subcontractorits subcontractor. The form of the bond shall be approved by the Office of the Attorney General of Texas.
Appears in 1 contract
Samples: Master Service Agreement
