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

  • The Tenderer will be required to furnish the Performance Bond and the Labour and Material Payment Bond in triplicate as required herein and in the forms bound herein within seven (7) days after notification of the execution of the Agreement by the Owner has been mailed to him.

  • SIGNED, SEALED AND DELIVERED in the presence of: [CONSTRUCTION CONTRACTOR] By: Signature Name of person signing [SURETY] By: Signature Name of person signing Exhibit 1 to Appendix 17D Form of Multiple Obligee Rider to Labour and Material Payment Bond To be attached to and form part of the Labour and Material Payment Bond no.

  • In lieu of the Bid Bond, Performance Bond and Labour and Material Payment Bond, each bidder may submit with their bid a Certified Cheque payable to the Nova Scotia Community College, for a sum not less than ten percent (10%) of the bid amount.

  • The Contractor, together with a surety company approved by the Owner and authorized by law to carry on business in the Province of Ontario, shall, unless otherwise directed, furnish to the Owner a Performance Bond and a separate Labour and Material Payment Bond in the forms attached hereto each in the amount of one hundred per cent (100%) of the total tender price and such additional amount, if any, as may be required by the Owner.

  • The “Agreement to Bond” of the a company lawfully doing business in the Province of Ontario, to furnish a performance bond and a labour and material payment bond in the Owner’s forms of Performance Bond and Labour and Material Payment Bond each in an amount equal to 100% of the Contract price, or in such greater amount as may be required by the Owner, if this tender is accepted, is enclosed herewith.

  • The Owner shall secure from his Contractor a Performance Bond and a Labour and Material Payment Bond protecting himself and the City to the full actual cost of the part of the works pertaining to each contract before letting the contract, and all the works shall be covered by a Performance Bond during their construction and afterwards until the expiry of any lien or holdback periods applicable, and a copy of each bond shall be delivered to the City Clerk.

  • After the execution of the Contract and the receipt by the Owner of the Performance Bond and the Labour and Material Payment Bond the tender deposit of the successful tenderer will be returned.

  • The standard form of Labour and Material Payment Bond provides that notice must be given within a certain time and that an action must be commenced within a certain time.

  • In the event the Bidder wishes to substitute for bonding requirements (an Agreement to Bond or a Performance Bond or a Labour and Material Payment Bond), such substitute must be in an amount equivalent to the full value of the bond requested and can be a certified cheque, bank draft, money order or irrevocable letter of credit, and approved by the City.

  • The Contractor, together with a surety company approved by the Owner and authorized by law to carry on business in the Province of Ontario, shall, unless otherwise directed, furnish to the Owner a Performance Bond and a separate Labour and Material Payment Bond in the forms attached hereto each in the amount of 100% of the total tender amount and such additional amount, if any, as may be required by the Owner.


More Definitions of Labour and Material Payment Bond

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 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 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.

  • Estimated Social Security means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit. The benefit is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2021 - it does not include any amounts which might be payable to an eligible spouse or children.

  • 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 his/her ordinary hours from Monday to Friday inclusive and who commences work on such days at or after 6.00 a.m. and before 10.00 a.m. otherwise than as part of a 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.

  • 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.

  • 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 Fee means the lump sum rates as outlined in Schedule ‘B’ – Quote Form.

  • 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 an agreement signed by the employer and the Apprentice or Trainee (and a parent or guardian if applicable), in accordance with the Act and Regulatory requirements.

  • Contract Amount means:

  • Contract Charges means charges that accrue during a given month as defined in Article III. “Contract Term” is defined in Article IV.