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_SETUP.1
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PBOND.BLD
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1997-07-22
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2KB
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75 lines
#100
@001 Enter the name of the PRINCIPAL:
~Enter the name of the contractor (referred to as the PRINCIPAL
~of the bond.)
@002 Enter the name of the SURETY:
~Enter the name of the surety company.
@010 Enter the name of the OWNER:
~Enter the name of the party for whom the work is being done.
~Note that although the term "owner" is used, this term refers to
~a tenant, or party other than the owner of the property.
!003 Enter the amount of the bond:
~Enter, in dollar format, the amount of the bond. This must be
~the amount of the contract.
|004 Enter the date of the contract:
~Enter the date when the construction contract was entered into.
@005 Enter a description of the construction:
~Enter a description of the construction. For example:
~construction of an addition to the building.
#end control section
#100
PAYMENT BOND
BY THIS BOND, We, @001, as Principal, and @002, a corporation, as
Surety, are bound to @010, herein called Owner,
in the sum of $@003 (!003 dollars), for the payment of
which we bind ourselves, our heirs, personal representatives,
successors, and assigns, jointly and severally.
THE CONDITION OF THIS BOND is that if Principal:
1. Promptly makes payments to all lienors supplying labor,
material, and supplies used directly or indirectly by Principal
in the prosecution of the work provided in the contract dated
|004, between Principal and Owner for construction of @005, the
contract being made a part of this bond by reference; and
2. Pays Owner all loss, damage, expenses, costs and attorney's
fees, including appellate proceedings, that Owner sustains
because of default by Principal under paragraph 1. of this bond;
then this bond is void; otherwise, it remains in full force.
Any changes in or under the contract documents and compliance or
noncompliance with formalities connected with the contract or
with the changes do not affect Surety's obligation under this
bond.
Dated: ________________
_________________________________________
Principal
________________________________________
Surety, by ____________, its Attorney in fact/Agent