|
ANNUAL LABOR AND MATERIAL PAYMENT BOND
<br /> BOND No:
<br /> KNOW ALL MEN BY THESE PRESENTS that . (hereinafter called Principal), and
<br /> , (hereinafter called Surety), are held and firmly bound unto
<br /> the (hereinafter called Obligee), in the full and just sum of
<br /> DOLLARS($ ), to the payment of which sum, well and
<br /> truly to be made, the said Principal and Surety bind themselves, their and each of their heirs, administrators, executors, successors and
<br /> assigns,jointly and severely,firmly by these presents.
<br /> WHEREAS,the above bounded Principal has entered into a certain written contract with the above mentioned Obligee dated
<br /> for for a period of ONE (1) YEAR with renewal at the sureties
<br /> discretion,which contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein;and,
<br /> WHEREAS, the Obligee has agreed to accept a bond guaranteeing the labor and material payment of said contract for a period of
<br /> ONE(1)YEAR
<br /> NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION are such that, if the Principal shall promptly make payment to all
<br /> claimants, as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract,
<br /> then this obligation shall be void;otherwise it shall remain in full force and effect,subject, however,to the following conditions:
<br /> 1. A claimant is defined as one having a direct contract with Principal or with a Subcontractor of the Principal for labor,material,or
<br /> both,used or reasonably required for use in the performance of the Contract, labor and material being construed to include that
<br /> part of water,gas,power,light,heat,oil,gasoline,telephone service or rental of equipment directly applicable to the Contract.
<br /> ® 2. The above named Principal and Surety hereby jointly and severally agree with the Owner that every claimant as herein defined,
<br /> who has not been paid in full before the expiration of a period of ninety (90) days after the date on which the last of such
<br /> claimant's work or labor was done or performed, or materials were furnished by such claimant, may sue on this bond for the
<br /> use of such claimant, prosecute the suit to final judgment for such sum or sums as may be'justly due claimant, and have
<br /> execution thereon. The Owner shall not be liable for the payment of any costs or expenses of any such suit
<br /> 3. No suit or action shall be commenced hereunder by any claimant:
<br /> a. Unless claimant,other than one having a direct contract with the Principal, shall have given written notice to any two of the
<br /> following: the Principal, the Owner, or the Surety above named, within ninety (90) days after such claimant did or
<br /> performed the last of the work or labor, or furnished the last of the materials for which said claim is made, stating with
<br /> substantial accuracy the amount claimed and the name of the party to whom the materials were furnished,or for whom the
<br /> work or labor was done or performed. Such notice shall be served by mailing the same by registered mail or certified mail,
<br /> postage prepaid, in an envelope addressed to the Principal, Owner or Surety, at any place where an office is regularly
<br /> maintained for the transaction of business, or served in any manner in which legal prrrccs may be served in the state in
<br /> which aforesaid project is located,save that such service need not be made by a public officer.
<br /> b. After the expiration of one (1) year following the date on which Principal ceased Work on said Contract, it being
<br /> understood, however, that if any limitation embodied in this bond is prohibited by any law controlling the construction
<br /> hereof such limitation shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by
<br /> law.
<br /> c. Other than in a state court of competent jurisdiction in and for the county or other political subdivision of the state in which
<br /> the Project,or any part thereof, is situated,or in the United States District Court for the district in which the Project,or any
<br /> part thereof, is situated,and not elsewhere.
<br /> 4. The amount of this bond shall be reduced by and to the extent of any payment or payments made in good faith hereunder,
<br /> inclusive of the payment by Surety of mechanics' liens which may be filed of record against said improvement, whether or not
<br /> ® claim for the amount of such lien be presented under and against this bond.
<br /> 5. The bond is for the term beginning and ending
<br />
|