Payment Bond definition

Payment Bond is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.

Payment Bond means the approved form of security furnished by the Contractor and Contractor's Surety as a guarantee of good faith on the part of the Contractor to make all payments that are the Contractor's obligations, in accordance with the terms of the Contract.

Payment Bond. ’ means a bond executed in connection with a contract, to assure pay- ment as required by law of all persons sup- plying labor and materials in the execution of the work provided in the contract.

Examples of Payment Bond in a sentence

• The sum of this Performance Bond is in addition to the sum of the Payment Bond being executed concurrently herewith.

• The Payment Bond shall be in the amount and provide a penalty of one hundred percent (100%) of the valuation of the improvements to be constructed.

• The Payment Bond shall remain in effect until the expiration of the period of filing a claim of lien as provided in Title 15 of Part 4 of the California Civil Code, and as hereafter amended, or if a claim of lien is filed, the expiration of the period for filing an action to foreclose such lien, or until the Premises are freed from the effect of such claim of lien and any action brought to foreclose such lien pursuant to the provisions of said Title 15 of Part 4 or the lien is otherwise discharged.

• The sum of this Payment Bond is in addition to the sum of the Performance Bond being executed concurrently herewith.

• Amount: AIA Document A312-2010 combines two separate bonds, a Performance Bond and a Payment Bond, into one form.

More Definitions of Payment Bond

Payment Bond means a surety bond issued by a surety licensed

Payment Bond means a form of security required to be provided by a Contractor for the protection of claimants supplying labor and/or Commodities to the Contractor or their subcontractors.

Payment Bond means a bond with good and sufficient sureties or guarantees payable to the City and intended for the use and protection of all subcontractors and all persons supplying labor, materials, machinery, and equipment in the prosecution of the Work provided for in the Contract for the use of all persons doing work or furnishing skills, tools, machinery, or materials under or for the purpose of constructing the Project. The life of these bonds must extend through the Final Completion date of the Project for an added sixty (60) day maintenance period (where applicable) and a twelve-month warranty/guarantee period after Final Completion.

Payment Bond means a bond that is conditioned upon the payment by the principal of money to persons who have a right of action against such bond, including those who have furnished labor, materials, equipment and supplies for use in the performance of the contract. A payment bond cannot require the surety to pay an amount that exceeds the claimant's actual loss or damage.

Payment Bond means that certain Payment Bond for the Work and the Project in the form of Exhibit C attached hereto, issued by a surety that has been approved by the District, in its reasonable discretion, in favor of the District, as obligee.

Payment Bond shall have the meaning set forth in Subsection 5.4.3.2.

Payment Bond means a bond which assures payments, as required by law, to all persons supplying material for the completion of work under the contract.