02-11-1985 Council Packet - Laserfiche WebLink

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to pi l 4 LABOR ANT) MATERIAL PAYM"N'r BOND MNOW ALL MEN BY THESE PRESENTS: that a•. Principal, (hereinafter called Contractor) and, t _ as Surety (hereinafter called Surety) are held and firmly bound unto. as Obligee (hereinafter called Obligee) for the use and benefit of claimants as hereinbelow defined, in the amount of Dollars ($ _), for the payment whereof Contractor and Surety bind them- selves, their heirs, executors, administrators, successors and assigns, joint- ly and severally, firmly by these presents. it 4 WHEREAS, Contractor has by written agreement dated , entered into a contract with Obligee for construction of _ in accordance with Drawings ant Speci- fications prepared by which contract is by reference made a part hereof, and is hereinafter referrer to as the Contract. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATV,N is such that, if Conttac- tor shall promptly make payment to all claimants as hereinafter defined, fot all labor and material used or reasonably required for use in the performance of the Contract and shall keep the Project free and clear rf all liens as pro- vided in the Contract, then this obligatior shall he void; otherwise it shall remain in full force and effect, subject, ',)wever, to the following conditions: 1. Claimant is defined as one permitted by applicable law to file a Pub- lic Contractor's Bond claim for labor, material, or both, used or reasonably required for use in the performance of the Contract, labor and material being construed to include without limitation that part of water, gai, power, light, heat, oil, gasoline, telephone service, rental of equipment, insurance premi- ►ms, taxes, and anv items for which a lai-n it lien may be filed against the Obligee. under the applicable law. Z. The above named Contractor and Surety hereby jointly and severally agree with the Obligee that every claimant as herein defined, who has not been paid in full may sue on this bond for the use of such claimant, prosecute the suit to final judgment for such sums as may be justly due claimant, and have execution thereon. The Obligee shall not he liable for the payment ,-lf anv o costs or expenses )f anv such s„it. 3595a L/81