PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that
, (contractor name),
, (contractor address), a
(corporation partnership, individual), hereinafter called
Principal, and , (surety name),
, (surety address) herein after called
surety, are held and firmly bound unto ,
(owner name), , (owner address)
hereinafter called OWNER and unto all persons, firms, and corporations who or which may furnish labor, or who furnish
materials to perform as described under the contract and to their successors and assigns, in the total aggregate penal
sum of dollars, ($ ) in lawful money of the United States, for the payment
of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns,
jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the
OWNER, dated the day of , 20___, acopy of which is hereto attached and made a part
hereof for the construction of
NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms, and corporations furnishing
materials for or performing labor in the prosecution of the WORK provided for in such contract, and any authorized
extension or modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal and coke, repairs
on machinery, equipment and tools, consumed or used in connection with the construction of such WORK, and for all
labor cost incurred in such WORK including that be a subcontractor, and to any mechanic or materialman lienholder
whether it acquires its lien by operation of State or Federal Law; then this obligation shall be void; otherwise to remain in
full force and effect.
PROVIDED, that beneficiaries or claimants hereunder shall be limited to the subcontractors, and persons, firms, and
corporations having a direct contract with the PRINCIPAL or its SUBCONTRACTORS.
PROVIDED FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, extension of
time, alteration or addition to the terms of the contract or to the WORK to be performed thereunder or the
SPECIFICATIONS accompanying the same shall in any way affect its obligation on this BOND, and it does hereby waive
notice of any such change, extension of time, alteration or addition to the terms of the contract or to the WORK or to the
SPECIFICATIONS.
PROVIDED, FURTHER that no suit or action shall be commenced hereunder by any claimant: (a) Unless claimant, other
than one having a direct contract with the PRINCIPAL shall have given written notice to any two of the following: The
PRINCIPAL, the OWNER, or the SURETY above named within ninety (90) days after such claimant did or performed the
last of the work or labor, or furnished the last of the materials for which said claim is made, stating with substantial
accuracy the amount claimed and the name of the party to whom the materials were furnished, or for whom the work or
labor was done or performed. Such notice shall be served by mailing the same by registered mail or certified mail,
postage prepaid, in an envelope addressed to the PRINCIPAL, OWNER, or SURETY, at any place where an office is
regularly maintained for the transaction business, or served in any manner in which legal process may be served in the
state in which the aforesaid project is located, save that such service need not be made by a public officer; (b) After the
expiration of one (1) year following the date on which PRINCIPAL ceased work on said CONTRACT, it being understood,
however, that if any limitation embodied in the BOND is prohibited by any law controlling the construction hereof, such
limitation shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law.
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